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NEWARK-The Kislak Co. orchestrated the $1.7-million sale of a circa-1940 warehouse building at 194-204 N. 12th St. here. Kislak VP Jonathan Greenberg and sales associate Scott Davidovic represented the seller, the long-time owner of the property. Greenberg also represented the buyer, a private investor.

The five-story, 101,000-square-foot building has ceiling heights ranging from 13 to 18 feet, a 4,000-pound-capacity freight elevator, a small office area and six loading doors.”The sale of this property illustrates both the strength of the New Jersey industrial market and the reality that deals are closing in the state,” says Jeffrey Wiener, Kislak’s president and co-managing director, in a statement. “The purchaser of this property was looking for a value-added play and this was a perfect opportunity.”

The sale was an all cash transaction. The seller was represented by attorney Harry L. Starrett of West Orange. Jonathan R. Mehl, a Rutherford-based attorney, spoke for the purchaser.

A recent report from Colliers Houston & Co. found Northern New Jersey industrial’s vacancy rate rose to 6.8%, its highest level in more than 10 years. Average asking rates have begun to stagnate at $6.47 per square foot. A Q2 report from Grubb & Ellis pegs the overall Newark area industrial availability rate at 7.5%. The firm also charted 1.6 million square feet of negative absorption year-to-date and a weighted average rental rate of $5.18 per square foot in a market that spans 63.4 million square feet.

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