WOODBRIDGE, NJ-Locally based Kislak Co., Inc. has inked fourtransactions totaling nearly $4.2 million. Vice president MattWeilheimer was instrumental in closing the transactions on behalfof several large banks and private investors.

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The sales include Vincent Apartments, a 17-unit apartmentproperty with one commercial space in Haddon Heights, NJ, whichtraded hands for nearly $1.463 million; a 10,000-square-foot formerPNC Bank branch in Brick, NJ; Roselle Lanes, a 20,000-square-footmixed-use commercial property in Roselle, NJ; and the mortgage andnote on a 74-unit apartment property in Erie County, NY.

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“There was real pride of ownership with Vincent Apartmentsproperty,” Weilheimer tells GlobeSt.com. “It was extremelywell-maintained and the seller was very good to the tenants. Recentupgrades at the 100% leased apartment included newer kitchens,bathrooms and an electrical system. “Given the condition of theproperty, there was strong interest among investors,” he says,adding that the firm's clients "want to invest in multifamilyassets." The private purchaser obtained a first mortgage fromSpencer Savings Bank.

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The former PNC Bank branch, which sold for $900,000, includesover 6,900 square feet of usable space with three drive-throughlanes on more than two acres. “With interest rates at historicallylow levels, many tenants are opting to purchase their own buildingsinstead of renting," says Wilheimer. "That is what occurred here,as a local purchaser consolidated his business into this officesite.”

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Bowling alley Roselle Lanes was a bank-owned property, whichsold for $500,000; closing only five days after finding thepurchaser, a private investor. The Kislak team of Matt Weilheimerand sales associate Ted Brown represented the seller, and salesassociate Scott Davidovic represented the investor in the all-cashtransaction. Wilheimer tells GlobeSt.com that “since the propertywas bank owned, it was offered unencumbered by any leases." He addsthat the asset also has strong redevelopment potential.”

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Weilheimer also represented a global financial institution inthe $1.32-million sale of the first mortgage and note on a 74-unitapartment property in Erie County, NY. “This was anotherrelationship-based transaction,” says Weilheimer. “We have along-term relationship with the selling bank and were given theopportunity to market and sell the note on its behalf. Thepurchaser was also a longtime Kislak client." He adds that the firmhas been handling more transactions--both REO property sales andnote sales--on behalf of banks. “Many of our clients are in searchof bank-owned opportunities. While there is not a flood of theseassets in our markets, opportunities are available.”

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