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WOODBRIDGE, NJ-A building housing a bakery and two multifamily complexes has been sold under the direction of the Kislak Co. The three sales netted a total of nearly $5.6 million.

In a $1.3-million sale-leaseback transaction, Kislak president Jeffrey Wiener represented both the seller and the buyer of 640 Wyckoff Ave. in Wyckoff. The 5,000-square-foot building houses the Wyckoff Bakery. According to Wiener, Kislak was given the exclusive listing to sell the property and the purchaser is a long-time Kislak client.

“While there are obvious challenges in the retail market today, fully leased properties in A-plus locations continue to attract strong interest from potential buyers,” Wiener says. “Since the Wyckoff Bakery was interested in remaining in the space, we were able to develop a creative solution whereby the bakery leased back the space from the new owner, and the sellers benefited from the sale of the property. We ultimately identified a local investor who understands and appreciates the value of the location and tenancy.”

In West New York, Kislak vice presidents Don Baxter and Jonathan Greenberg brokered the sale of two apartment buildings. A 25-unit property at 401 53rd St. sold for $2.2 million, while a building that houses 24 residences at 5111 Palisade Ave. fetched $2.3 million.

Both buildings were 100% occupied at the time of the sale and the new owner plans to renovate the units. “Hudson County is a rare area in Northern New Jersey with below-market rents,” Baxter says. “As tenancies change, rents can only increase.” The properties also benefit from West New York’s population and proximity to New York City, which strengthens its rental market.

In each transaction, the buyer’s financing was arranged by Elliot Treitel of Meridian Capital. The law firm of Feinstein, Raiss, Kelin & Booker LLC represented the buyer.

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