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WOODBRIDGE, NJ – The locally based Kislak Company, Inc. recently completed two mixed-use investment sales in Essex County and Union County, totaling $2.31 million. In separate transactions, a 12,250-square-foot building with eight apartments and four retail spaces in the Borough of Caldwell sold for $1.8 million and a 5,200-square-foot building with four apartments and one retail space in the Township of Springfield sold for $510,000.

The Caldwell property is located at 319-325 Bloomfield Ave. Vice presidents Jonathan Greenberg and Don Baxter represented both parties, private investors, in the transaction. Financing was arranged by Paul Forman and provided by Michael Strauss of North Jersey Community Bank. At the time of closing, the property was fully occupied. The purchaser intends to improve the aesthetics of the property and increase rents.

Meanwhile, sales associate Jeffrey Squires represented both parties, also private investors, in the all-cash sale of the Springfield property located at 19 Morris Ave. Plans are underway to renovate and upgrade the units.

“These sales were unique in that these types of properties rarely trade in the wealthier Northern New Jersey suburbs,” says Jeffrey Wiener, president and co-managing director. “Each property represented an unusual opportunity for an investor to secure a well-established property in an excellent location. The transactions are also perfect examples of investors going ‘back to basics’ and looking for strong and stable investments in great locations.”

Built in 1924, the Caldwell property apartments are all two-bedroom units, while the retail spaces include a pizza parlor, local real estate office and hair salon. The Springfield property was built in 1930 and is located near the border of Millburn-Short Hills with access to I-78.

“Kislak continues to close transactions, especially throughout New Jersey,” adds Wiener. “The investment real estate market remains strong and attractive to investors. We are also seeing more investors in search of smaller properties given the lack of other reliable investment options.”

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