E.V.P. Joni Sweetwood Arranges Exclusive Sale of 31,000 S.F. Iconic Mixed-Use Property
Woodbridge, N.J., May 7, 2020 – The Kislak Company, Inc. announced the recent sale of South Orange Square, a 31,000-square foot mixed used office and retail property in South Orange, Essex County, New Jersey, for $11,600,000.
Kislak marketed the property on an exclusive basis with executive vice president Joni Sweetwood handling the assignment on behalf of a longtime client. Ms. Sweetwood also procured the purchaser, another long time and multi-generational client, only a few weeks after initially marketing the property.
South Orange Square is an iconic property that sits at the corner of South Orange Avenue and Scotland Road/Valley Road, the most visible and heavily-trafficked corner (AADT 21,031 cars) in South Orange. It is only a short walk to the nearby train station that provides midtown direct service to and from New York City. The addresses are 67-81 South Orange Avenue and 3-11 Scotland Road.
The transit-oriented property includes 21,000 square feet of retail space, 9,000 square feet of second story office space and 1,000 square feet of storage rooms, all with high occupancy histories.
Tenants include Verizon, Investors Bank and the South Orange Pharmacy. At the time of closing, the property was 98% leased.
Many major interior and exterior capital improvements were completed five years ago. The property offers convenience access via front, side and rear entrances, and parking in three adjacent municipal lots.
South Orange is a wealthy and diverse community with a thriving downtown only 20 west of New York City. It has been ranked as one of the “Top 25 Towns in New Jersey” by New Jersey Monthly magazine and is home to Seton Hall University.
Abe Schonfeld of Meridian Capital Group arranged attractive financing with Spencer Savings Bank. Ms. Sweetwood also sold recently the same purchaser another nearby South Orange property, which Mr. Schonfeld also financed with Spencer.
Ms. Sweetwood was excited to do another deal in South Orange which has been unofficially named “Brooklyn West.” Her other nearby sales include The Gateway, a luxury multifamily property with a retail component, multiple land deals in Maplewood and South Orange, the building sale and restaurant lease to the Fox and the Falcon.
Joni Sweetwood joined Kislak in 1996 and is one of the firm’s all-time leading salespeople. She has won numerous sales awards, including the Sima Kislak Jelin Salesperson of the Year award in 2010 and the firm’s production award multiple times since then, most recently in 2018, and has been recognized repeatedly as one of New Jersey’s Commercial Brokerage All Stars and the Mid Atlantic Real Estate Journal’s Executive Women in Business.
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 35 professionals provide comprehensive market coverage throughout New Jersey, New York, Pennsylvania and Delaware.
Now in its 114th year, Kislak was among a select group of firms recognized as a 2019 Power Broker by CoStar Group, Inc. and this was the firm’s 14th consecutive recognition