X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

WOODBRIDGE, NJ-Two office buildings and an apartment complex have all changed hands in three separate deals. The common thread is that the transactions were arranged by brokers from the locally-based Kislak Co.

In the largest of the office building sales, the 24,000-sf asset at 80 Pompton Ave. in Verona has traded for $2.7 million, or about $113 per sf. Kislak VP Joni Sweetwood repped both buyer JG Pompton LLC and seller 80 Pompton Ave. LLC. The four-story building, near Route 23 and I-280, is primarily leased to professional services firms.

“This is the buyer’s second office building acquisition recently,” Sweetwood tells GlobeSt.com. “The new owner is planning some extensive interior improvements to the common areas. The building has 2,000 sf that’s available for lease.”

And the 13,314-sf office complex at 655 Amboy Ave. in Woodbridge has been sold for just less than $2.5 million, or about $186 per sf. Kislak sales associate Don Baxter repped both buyer and seller, private investors who were not identified. Financing came from Valley National Bank.

“The buyer, a first-time Kislak client, was looking for a high-quality building in a great location,” says Baxter, in a prepared statement. “The property’s 22 offices are fully occupied and centrally located on Amboy Ave. and Route 35…which makes this sale a perfect investment for them.”

Finally, Catherine Gardens, a three-story, 41-unit apartment complex at 278 Main St. in Little Ferry, has been sold for an undisclosed price. Kislak VP Rosanne Maccarone, repped the seller in the all-cash deal, and sales associate Robert Squires repped the buyer. Neither buyer nor seller was identified.

“The buyer based his decision on the immaculate condition of the property, a stable professional neighborhood and the location of the property,” says Squires in a statement. “The buyer realizes there will be appreciable gains in his investment.”

Maccarone had sold the building to the now-former owner on behalf of the original builder, and had the exclusive for the latest sale. The property was marketed as a leveraged, low-risk investment.

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
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

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 © 2020 ALM Media Properties, LLC. All Rights Reserved.