Kislak Brokers Deals Involving Nine So. Jersey Properties Worth $67M

LINDENWOLD, PENNSVILLE, CAMDEN, WESTVILLE, AND TOMS RIVER, NJ—A team of brokers from The Kislak Company arranged sales of nine properties in southern New Jersey consisting of 976 multifamily residential units, 92,000-square-feet of commercial space, and approximately 5.67 acres of land. The separate transactions totaled $67.2 million.

“There are still value-add opportunities in southern New Jersey, especially compared to those in the northern part of the state where pricing is considerably higher,” says Kislak senior vice president Matt Weilheimer. “More and more investors are in search of multifamily and other well-performing investment properties in south Jersey.”

The multifamily transactions include the:

• $27.38 million sale of Stonington Court Apartments, a 456-unit complex in Lindenwold, Camden County;
• $12.15 million sale of Laura’s Glen Apartments, a 197-unit garden-style complex in Pennsville, Salem County;
• $6.75 million sale of Penn Gardens, a 116-unit garden-style complex in Pennsauken, Camden County;
• $5.5 million sale of Westwood Manor, a 79-unit garden-style complex in Westville, Gloucester County;
• $6.2 million sale of John Wesley Village, a 60-unit HUD property in Camden, Camden County;
• $2.35 million sale of Magnolia Park, a 48-unit garden-style complex in Camden, Camden County; and the
• $2.15 million sale of the Enclave at Walnut, a 20-unit garden-style complex in Toms River, Ocean County.

The commercial transactions include the:

• $4.43 million sale of the 52,000-square-foot Quail Creek Shopping Center that includes both retail and office space in in Howell, Monmouth County;
• Sale of 5.67 acres of land designated for townhouse development in Mullica Hill, Gloucester County; and the
• Distressed sale of a 40,000-square-foot vacant building, formerly a supermarket, in Pittsgrove, Salem County.

Weilheimer represented the sellers in all but three of the transactions. He and senior vice president Barry Waisbrod together represented the purchasers of Stonington Court and Laura’s Glen. Senior vice president Jonathan Greenberg represented the purchasers of Penn Gardens and Magnolia Park. Senior vice president Joni Sweetwood represented the purchaser of John Wesley Village and sale associate Justin Lupo represented the seller of the Quail Creek Shopping Center.

All residential properties are garden-style buildings at 95-100% occupancy, are situated within minutes of shopping, and within close proximity to major roadways and destinations such as the New Jersey Shore, Center City Philadelphia and Wilmington, DE.