Sales and Leasing Volume Total $600 Million
WOODBRIDGE, N.J., January 12, 2021 – The Kislak Company, Inc. reported strong investment sales and commercial sales and leasing activity in 2020 closing more than 140 transactions in New Jersey, Pennsylvania, and New York.
Kislak’s total transaction volume totaled six hundred million dollars and included the sale of more than 4,500 residential units and the sale and leasing of over 500,000 square feet of office, retail, and industrial properties.
“We had a very strong first quarter, which was followed by an almost non-existent second quarter as we all worked to understand the health and safety guidelines and implement new ways of safely conducting business while physically distanced,” said Robert Holland, president. “Thankfully, we transitioned quickly to remote operations while still productively and effectively serving our clients. The second half of the year, we were back on track ad keeping pace with the first quarter, and we ended the year strongly with sales totaling $600 million.”
Peter Wisniewski, executive vice president of Kislak’s commercial team, added, “Kislak’s team adjusted quickly to the changing demands of the market. We shifted to more user-investor and investment sales of commercial properties and had a banner year for that type of activity. However, as we entered the Summer, retail leasing became more active in our better markets to take advantage of more aggressive pricing as a result of the pandemic. In all, we completed leasing assignments for multi-tenanted properties for several of our clients.”
Multifamily sales highlights include the:
- $62,000,000 sale of a 630-unit property in Dauphin County, Pa.;
- $50,000,000 sale of three properties with 324 units and land to building 69 units in New Jersey and Pennsylvania for an I.R.C. Section 1031 exchange;
- $37,500,000 sale of a 790-unit property in Pittsburgh; Pa.;
- $26,000,000 sale of a 164-unit property in Lancaster County, Pa.;
- $35,000,000 sale of a 135-unit property in Somerset County, N.J.;
- $19,200,000 sale of an 85-unit portfolio in Bergen County, N.J.; and
- $10,300,000 sale of a 112-unit property with 13 acres for development in Middletown, N.Y.
Commercial sales highlights include the:
- $13,200,000 sale of a 32,000-square-foot mixed use office and retail building in South Orange, N.J.;
- $9,900,000 sale of 1.97 acres for development in Long Branch, N.J.;
- $6,200,000 sale of a 24,510-square-foot office building in Red Bank, N.J.;
- $6,000,000 sale of an 80,000-square-foot office building in Morris County, N.J.;
- $2,100,000 sale of a seven-acre redevelopment site in Poughkeepsie, N.Y.; and
- $850,000 sale of seven acres for warehouse development at the Flemington Trade Center in Flemington, N.J.
Commercial leasing highlights include the:
- $8,500,000 office lease expansion/extension for a trade association in Jersey City, N.J.; and
- Allegra Warehouse lease renewal at 6 Corporate Drive in Cranbury, N.J.