Real Estate Journal — Northern New Jersey — September 13 - 26, 2019 — 3B
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EVP Joni Sweetwood handles exclusive sale of new property for record price Kislak sells Magnolia Lane luxury apartments in Fairfield for $13.8 million
AIRFIELD, NJ — The Kislak Company, Inc. announced the recent sale of Mag- no l ia Lane L u x u r y Apartments, a new apart- ment c om- plex with 34 units located at 60 Passaic Av enue i n Fairfield, Essex County for $13.8 million. Kislak marketed the prop- erty on an exclusive basis on behalf of the seller with executive vice president Joni Sweetwood handling the as- signment. Sweetwood also procured the purchaser who was completing an I.R.C. Sec- tion 1031 like-kind exchange. The seller engaged Kislak and Sweetwood and as a result of her success with the recent nearby record sale of The Pre- serve in West Caldwell. The sale of Magnolia Lane Luxury Apartments is the single largest sale of a multi- family property ever in Fair- field, New Jersey based on data available from CoStar. "Essex County is among the strongest rental markets in New Jersey," said Sweetwood. "Given the area's growing rental population and increas- F Joni Sweetwood Durkin of Roddy Inc. sells 1.98 acres in Pennsauken PENNSAUKEN, PA — Roddy Inc. , the Bensalem, PA industrial and commercial real estate brokerage firm an-
ing demand for luxury hous- ing, Magnolia Lane presented an exceptional opportunity for an investor to own one of the premier luxury rental proper- ties in suburban Essex County near public transit and with easy access to Rtes. 80, 46 and 280 and only 20 miles from midtown Manhattan. The property appeals particularly to young couples and ‘empty nesters’ who feel the units are like individual homes but without the headaches.” Constructed in 2018, the property includes 34 luxury units in four buildings with
brick and clapboard style architecture on 2.66 profes- sionally-landscaped acres on a private cul-de-sac. Each unit features a kitchen with quartz countertops, glass backsplash and stainless steel appliances. Other features include private entrances and private garages, high ceilings, full sized wash- ers and dryers, patios or balco- nies, plank-style flooring and CAT 6A wiring. Fairfield is an affluent sub- urban community located in northwestern Essex County approximately 25 miles from New York City.
Magnolia Lane
EXCLUSIVE PROPERTIES FOR SALE
Asbury Park, NJ 16 Residential Units Daniel Lanni ext 248
Jackson, NJ 21,600 SF Retail Michael Kossak ext 240
Eastampton, NJ 73 Units Justin Lupo ext 225
nounced that Sean Dur- k i n r e p - r e s e n t e d Lionel Flick- stein in the sale of 1.98 acres located on Thomas Bus ch Me -
morial Highway, Veterans Industrial Park, Pennsauken to Calumet Enterprises, LLC, rep- resented by Kurt Montagano of Newmark Knight Frank . Calumet Enterprises, LLC is an entity related to The Res- taurant Store. The Restaurant Store has been servicing Phila- delphia and its surrounding counties for over 15 years as the leading restaurant supply provider, serving the needs of caterers, pizza shops and fine dining restaurants. Sean Durkin
Elizabeth, NJ 18,735 SF Office Andrew Jonas ext 460
Lakewood, NJ 9,650 SF Retail + Office Daniel Lanni ext 248
Toms River, NJ 8,000 SF Office Daniel Lanni ext 248
The Kislak Company, Inc. | kislakrealty.com | 732 750 3000
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