"The property had previously been listed with another broker," Squires tells GlobeSt.com. "But after meeting with us and learning more about our history throughout New Jersey, the seller provided us with an exclusive listing agreement to sell the property."
Located in downtown Somerville, the property was fully renovated in 2007 and includes two two-story buildings with four retail spaces, two two-bedroom apartments and on-site parking. Tenants are responsible for paying separate utilities. At the time of closing, the property was fully occupied and cash flow positive.
"Despite the national economic climate, Kislak continues to close transactions, especially in New Jersey," says Kislak president Jeffrey P. Wiener. "The investment real estate market remains strong and attractive to investors. The purchaser of this property understood the value of it as a solid long-term investment and will continue to manage it and benefit from it."
The seller was represented by Michael Mullen, Esq. of Schenck Price Smith & King, LLP of Morristown, while the purchaser was represented by Barry Rosenberg, Esq. of Abrams Gran Hendricks Reina & Rosenberg of Bound Brook.
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