V.P. Julie Gralla & E.V.P. Joni Sweetwood Arrange Off-Market Sale
Woodbridge, N.J., June 1, 2022 – The Kislak Company, Inc. announced the recent sale of a multifamily development site at 606 Freeman Street in Orange, Essex County, New Jersey. The price was not disclosed.
Kislak marketed the property on an off-market basis with vice president Julie Gralla managing the assignment on behalf of the seller, Tritop Realty, LLC. Executive vice president Joni Sweetwood procured the purchaser, Freeman Orange Holdings, LLC, which is an affiliate of Reynolds Asset Management.
The property is a 0.89-acre parcel approved for a transit-oriented development with 103 market rate units in a five-story fully-amenitized building known as Orange Valley Lofts. The ground floor will include parking, the lobby, a bike room, and amenity room. The second floor will include a spacious outdoor terrace for tenants to enjoy.
Ms. Gralla commented, “It was a pleasure representing the Seller again on the sale of another development. I am excited to see this project come to life. I have learned from this sale and others like it is that there is a strong demand among developers and tenants alike for the convenience of sizeable and well-located new construction projects.”
Ms. Sweetwood added, “We sold the approved land and our Purchaser secured financing and is now breaking ground. Julie has long relationship with the Seller, and I have sold multiple land deals to the Purchaser. I am excited about this project in the Valley Arts District and Mr. Reynolds Asset Management’s commitment to the arts there.”
The property is located in an Opportunity Zone in the Valley Redevelopment Area bordering West Orange. It is a three-minute walk to Midtown Direct train service – 10 minutes to Newark and 30 minutes to New York Penn Station. Route 280 and the Gardens State Parkway are a short distance to the property and Seton Hall University is also nearby.
Julie Gralla joined Kislak in 2010 and specializes in the sale of investment properties throughout northern New Jersey. After her first year with Kislak, she received the company’s Rookie of the Year award. In 2020 and 2021, Ms. Gralla also received the company’s silver achievement award, previously earning the bronze achievement award in 2016 and 2017, for her transaction success. She was also recognized in the Mid Atlantic Real Estate Journal’s Executive Women in Business and 40 Under 40 spotlight issues.
Joni Sweetwood joined Kislak in 1996 and is also one of the firm’s all-time leading salespeople. She has won numerous awards, including the Sima Kislak Jelin Salesperson of the Year award in 2010 and the company’s production award in 2010, 2011, 2012 2013, and 2018. She has also been recognized repeatedly as one of New Jersey’s Commercial Broker All Stars and the Mid Atlantic Real Estate Journal’s Executive Women in Business. Her career investment sales total more than $1.3 billion.
About The Kislak Company, Inc.
The Kislak Company, Inc., which is headquartered in Woodbridge, New Jersey, is a leading commercial real estate brokerage firm consistently recognized for its investment sales success. Established in 1906, Kislak’s market leadership position and longevity are due to its ability to offer clients a personalized, hands-on approach, coupled with the unrivaled expertise of its long-tenured team of professionals. Kislak’s prestigious client base includes individual investors and owners, partnerships, financial institutions, and REITs. The firm’s thirty-five professionals provide comprehensive market coverage throughout New Jersey, New York, Pennsylvania, and Delaware.
Now in its 116th year, Kislak was among a select group of firms recognized as a 2021 Power Broker by CoStar Group, Inc. and this was the firm’s 16th consecutive recognition.