The Kislak Company closes four New Jersey sales totaling $5.7 million

The Kislak Co., Inc. completed the sale of four investment properties in northern and central N.J. totaling $5.7 million. Led by VP Robert Squires, Kislak handled the $2.25 million sale of Jefferson Gardens, a 16-unit apartment property on Chestnut St. in Wallington; the $1.465 million sale of a 24-unit apartment property on Grove St. in Passaic; the $1.21 million sale a 12-unit apartment property on Pompton Ave. in Verona; and the $775,000 sale of The Woodruff Building, an 8,333 s/f mixed-used building on Irving St. in Rahway. Jefferson Gardens is a two-story brick garden apartment with 16 one-bedroom apartments. Squires represented the seller and sales associate Scott Davidovic represented the purchaser. Financing was provided, in part, by the seller. The seller was represented by Robert Kaye, Esq. of Chasan Leyner & Lamparello. The purchaser was represented by the law firm of Gillespie Gillespie & Jablonski. The Passaic property consists of two three-story brick walk-up buildings with a total of 24 two-bedroom apartments. Squires represented both parties. Financing was arranged by Michael Volpe of Pergolis Swartz Associates. The seller was represented by Ralph Faasse, Esq. of Carbone & Faasse. The purchaser was represented by Aaron Strauss, Esq. of Riker Danzig Scherer Hyland & Perretti LLP. The Verona property is a two-story brick garden apartment with four one-bedroom and eight studio apartments. Sales associate Ted Brown represented the seller and Squires represented the purchaser. The seller provided financing. The seller was represented by John Chiaia, Esq., of Ambrosio & Smyth. The purchaser was represented by William Soriano, Esq. The Woodruff Building consists of two retail units and one residential unit on the first floor and 11 office suites on the second floor. Brown represented the seller and Squires represented the purchaser. "Rob and I were able to put this deal together in one week and close it less than two months," added Brown." "Rob had a client coming off of a 1031 exchange needing to close within 60 days." "The purchaser loves the building and was able to pay all cash, added Squires." "Kislak continues to close transactions, especially throughout New Jersey," said Wiener. "The investment real estate market remains strong and attractive to investors. We are also seeing more and more investors in search of smaller properties given the lack of other reliable investment options. The purchasers of these properties understood their long-term value and will benefit from solid returns for years to come." "I am very proud of Rob, Ted and Scott's accomplishments in seeing these transactions through to closing," said Robert Holland, senior VP and co-managing director. "There is a misguided perception that deals are not getting done because of the national economic climate. But our market remains strong and we are still dealing with many more buyers than sellers. The New Jersey investment real estate market is stable and reliable." Squires was recognized as Kislak's 2005 Rookie of the Year and was promoted to vice president in 2008. Davidovic was recognized as Kislak's 2006 Rookie of the Year. For more information on The Kislak Co., please visit www.kislakrealty.com.