X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the multifamily market, click here.)

WOODBRIDGE, NJ-Multifamily properties in New Jersey and Pennsylvania and retail and mixed-use properties in Northern New Jersey were recently sold in separate transactions. The sum total of the various sales was just over $11 million.

All the transactions were arranged by the locally based Kislak Co. The numerous buyers and sellers were not identified, but consisted of various private investment groups.The multifamily properties include Chestnut Hill, a 48-unit, two-story garden apartment complex in Vineland, NJ. Kislak’s Jacob Friedman represented the seller, while the firm’s Joni Sweetwood represented the buyer. The deal marked the second time Kislak has sold the building, representing the seller in the previous transaction.

In Philadelphia, meanwhile, the 64-unit Girard Court Apartments sells. Kislak’s Heidi Shegoski represented the buyer of the complex, which sits on 1.49 acres, while Sweetwood spoke for the seller, described by Kislak president Jeffrey Wiener as “a long-time Kislak client.”

The third multifamily property sale involved Spruce Park Towne Homes, a 150-unit garden complex in Lebanon, PA. In this case, Kislak senior vice president Robert Holland spoke for the seller, while Sweetwood represented the buyer. According to Sweetwood, the seller “is a long-time client who has done numerous deals through the company. The buyer was an urban investor who had a great appreciation for the property’s country setting.”

The retail and mixed-use properties that recently traded were 58-60 Underwood St. in Newark, NJ, a three-story building on that city’s border with South Orange, consisting of 51 apartments and six retail stores; and the 31-unit apartment building at 8 Monticello St., also in Newark. The two assets were sold together, with Sweetwood representing both sides. The buyer obtained 85% financing for the deal.

Finally, Sweetwood represented both sides in the sale of the 11,440-sf retail strip center located at 51-63 Academy St. in South Orange. The asset is located near the campus of Seton Hall University.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt. NET LEASE Awards 2021Event

These awards honor the industry's most influential and knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.