V.P. Tom Scatuorchio & E.V.P. Matt Weilheimer Arrange Off-Market Sale of former Capitol One Bank Branch
Woodbridge, N.J., October 20, 2023 – The Kislak Company, Inc. announced the recent sale of a 4,600-square foot retail building at 1295 Route 46 in Parsippany, Morris County, New Jersey for $3,000,000. Vice president Tom Scatuorchio and executive vice president Matt Weilheimer arranged the off-market sale on behalf of the seller and purchaser, which were not disclosed.
The property is a former Capitol One bank branch on one acre of land with a drive-through and on-site parking. The property sits directly on the eastbound side of Route 46 with access from Route 46 and Grange Road.
Mr. Scatuorchio commented, “The property had recently been vacated by Capital One and we had an ideal opportunity for a long-time locally based client to acquire an additional property adjacent to others in his portfolio. Given his strength and broader vision for the future development of the Route 46 corridor, he was able to close despite a difficult market.”
Mr. Weilheimer added, “Given the challenging market we are currently operating in, we facilitated a creative financing structure that benefited both the seller and purchaser. We were happy to work with professional and determined clients to bring this deal to a close.”
The purchaser plans to redevelop the property with a new retail tenant.
Tom Scatuorchio joined Kislak in 2016 and specializes in the sale of multifamily and other investment properties in northern New Jersey. In 2017, he earned Kislak’s Rising Star award and in 2021, he was promoted to a vice president.
Matt Weilheimer joined Kislak in 1996 and is consistently among the firm’s leading salespeople. He specializes in the sale of apartment buildings, REO assets and other investment properties in New Jersey and its surrounding states. Mr. Weilheimer has won numerous sales awards at Kislak including the firm’s 2010 and 2015 Producer of the Year awards.
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, Delaware and Florida.
Now in its 117th year, Kislak was among a select group of firms recognized as a 2022 Power Broker by CoStar Group, Inc. and this was the firm’s 16th consecutive recognition. For the second consecutive year, Kislak was named by NJBIZ as one of its Leaders in Real Estate, Construction and Design in New Jersey.