S.V.Ps. Daniel Lanni and Robert Squires Arrange Exclusive Sale of 13 Units for Record Price Per Unit
Woodbridge, N.J., July 18, 2023 – The Kislak Company, Inc. announced the recent sale of a 13-unit mixed-use multifamily and retail property at 87-91 Market Street in Passaic, Passaic County, New Jersey, for $4,300,000.
Kislak marketed the property on an exclusive basis with senior vice presidents Daniel Lanni and Robert Squires handling the assignment on behalf of the seller, 87-91 Market Street Equities, LLC. They also procured the purchaser, 11 Pascack RE, LLC.
Mr. Squires commented: “After the seller engaged us exclusively, we marketed the property and obtained the highest and best price for it. While the property sold for more than $330,000 per unit, among the highest prices per unit in Passaic, it also sold for a cap rate above 6.5%.”
At $330,769 per unit, the sale represents the highest per unit price achieved for a multifamily or mixed use property in Passaic, New Jersey since 2019 according to data available from CoStar.
The colorful, four-story, 28,000-square-foot building was built in 2009 and includes a total of 13 units — three large, three-bedroom units and nine large, four-bedroom units with a strong retail tenant, Metro PCS, in the single ground floor retail unit – and underground parking for 13 cars. Located in an Opportunity Zone, it offers tax advantages which provide above market returns.
Mr. Lanni added, “In this challenging investment real estate market, the sellers knew if they wanted to close quickly and efficiently, they would need proper representation. By leveraging our market expertise and broad client database, we procured multiple offers and helped guide the process from the start through to a successful finish.”
Located in a busy urban area, the property has convenient access to multiple commuter rails within three miles; transit/subway lines within 10 miles, and Newark Airport is 16 miles away. Major colleges and universities are within a two to six-mile radius of the property; shopping centers and malls are all just a mile away with several parks and recreational facilities within seven to eight miles distance of the property.
Daniel Lanni joined Kislak in 2010 and is consistently among the firm’s leading producers. He specializes in the sale of multifamily and other investment properties in central New Jersey with a particular focus along the Jersey Shore. He was the recipient of the firm’s 2011 Rookie of the Year Award and was promoted to a senior vice president in 2019.
Robert Squires joined Kislak in 2003 and specializes in the sale of multifamily and other investment properties throughout New Jersey. Consistently among the firm’s leading producers, he received Kislak’s 2017 and 2016 Sima Kislak Jelin Salesperson of the Year award and its 2017 Producer of the Year award.
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 17th 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.