Kislak Completes $5M in Northern NJ Sales

WOODBRIDGE, NJ—The Kislak Co. has completed the sales of three investment properties in northern New Jersey for a total of $4,785,000.  The transactions include the $3.1 million sale of Hastings Square, a 28,000-square-foot retail and office complex in Long Valley; the $975,000 sale of a 6,700 square foot office building in downtown Short Hills; and the $710,000 sale of a seven-unit multifamily property in Garfield. 

Sales associate Julie Gralla was a party to all three transactions. In the Long Valley sale, senior vice-president Joni Sweetwood represented the seller and Gralla represented the purchaser. Gralla represented the seller in the Short Hills sale and both parties in the Garfield sale.

“Julie is our newest salesperson,” says Robert Holland, Kislak’s president and co-managing director.  “In less than a year, she has proven to be a very determined, focused, and results-oriented salesperson.”

The Hastings Square property in suburban Morris County includes 24,000 square feet of retail space and 4,000 square feet of office space.

“The property was nearly fully occupied with only one retail vacancy and one office vacancy,” says Gralla.  ‘The purchasers were attracted not only to the location, but also to the property’s potential. The purchasers are working closely with an architect to renovate and reposition the property.”

Kislak had an exclusive listing of the property, but declined to identify the seller or buyer. The transaction was all-cash. 

The Short Hills building was a former bank branch, located between Route 24 and downtown Millburn on the edge of a proposed redevelopment zone that had been vacant for more than four years.  Kislak obtained the exclusive listing and quickly began fielding offers.  The building was sold for cash.

“The purchasers intend to occupy and use the building, and were attracted to its location near the commercial heart of Short Hills,” says Gralla. 

In Garfield, a three-story building with one- and two-bedroom units changed hands.  “The $100,000-plus per-unit price demonstrates the strength of the market for multi-family properties,” Gralla notes.  The purchaser in this transaction obtained financing from Columbia Bank."