Kislak Closes $22M Shopping Center/Office Sale

FRANKLIN LAKES, NJ-The Kislak Company, Inc. recently completed the $22.23 million sale of the Urban Farms Shopping Center here. President Jeffrey Wiener represented the seller and longtime Kislak client, Franklin Farms Associates, LLC, in the sale to Urban Farms Acquisition, LLC and Two Sunny Hill Associates, LLC.

Located at the corner of High Mountain Road and Franklin Lake Road, the property includes the 90,000 square foot Urban Farms Shopping Center, which includes 74,000 square feet of retail space and 16,000 square feet of office space on the center’s ground and second floors, and a separate 16,000-square-foot office building.

“The Urban Farms Center is the shopping destination and a landmark in Franklin Lakes, with some of the strongest demographics in New Jersey, if not the Northeast, and it is also the de facto town center.” Wiener tells GlobeSt.com.

“The sale shows the continued strength of and interest in solid and stable investment properties throughout northern New Jersey,” Wiener continues. “Although the retail market has obviously had its challenges since 2008, prime properties in A-plus locations continue to draw interest from regional and national investors and command aggressive prices.”

The center is anchored by locally based bakery Market Basket and also includes Starbucks, TD Bank, Hallmark and the Chateau Salon. Office tenants in the center and adjacent office building include a mix of local and national tenants. At the time of the closing, the property was around 96% leased.