Squires of Kislak brokers $1.05 million sale in New Jersey

The Kislak Co., Inc. completed the $1.05 million sale of a 7,000 s/f mixed-use property located at 5 - 11 West Main St. Sales associate Jeffrey Squires represented both parties, private investors. The seller was represented by Michael Mullen, Esq. of Schenck Price Smith & King, LLP. The purchaser was represented by Barry Rosenberg, Esq. of Abrams Gran Hendricks Reina & Rosenberg. "The property had previously been listed with another broker," said Squires. "After meeting us and learning more about Kislak's long and successful history throughout New Jersey, the seller provided us with an exclusive listing agreement to sell the property. Given the attractive location of the property in busy downtown Somerville, its recent renovation and terrific cash-flow, I was confidant that we would generate a great deal of interest among our existing clients as well as investors new to the market looking for a strong return." The property, which was completely renovated in 2007, includes two two-story buildings with four retail spaces, two two-bedroom apartments and on-site parking. Tenants are responsible for paying separate utilities. The property is conveniently located in the downtown area in between a Dunkin' Donuts and a Wachovia bank branch. "Despite the national economic climate, Kislak continues to close transactions, especially in New Jersey," said Jeffrey Wiener, president. The investment real estate market remains strong and attractive to investors. The purchaser of this property understood the value of it as a solid long-term investment and will continue to manage it and benefit from it. Jeff Squires found the perfect buyer." "Time and again, Kislak has a knack for identifying the right buyer for the right property regardless of the market or property type," said Wiener. "Jeff Squires did an excellent job marketing this property and guiding the transaction through to closing. He has only been with us for a few years but is one of our most promising salespeople." Squires was the co-recipient of Kislak's 2008 Rookie of the Year award, which recognizes a newer Kislak professional who records the greatest achievements during the year. At the time of closing, the property was fully-occupied.