4A — July 13 - 26, 2018 — M id A tlantic
Real Estate Journal
www.marejournal.com
M id A tlantic R eal E state J ournal
EWARK, NJ — The Kislak Company, Inc. announced the 37,500 s/f medical office building located at 119-137 Clifford Street in Newark Salomon & Gralla of Kislak broker sale of Ironbound Medical Center for $4.25 million N
recent $4.25 million sale of the Ironbound Medical Cen- ter, a 37,500 s/f medical office building located at 119-137 Clifford St. in the heart of the Ironbound section of Newark. Kislak marketed the prop- erty on an exclusive basis. Sales associate Michael Salomon represented the seller, Ironbound Medical, LLC, and sales associate Julie Gralla represented the purchaser, FSG Mazel, LLC. The fully-occupied profes-
Michael Salomon Julie Gralla sional medical building has strong tenants including Ironbound MRT Clinic, La- fayette Chiropractic Center, St. Justine Nursey and many others. The property includes on-site fenced parking for 40 cars.
Ironbound Medical Center
“This transaction exempli- fies the strength of the com- mercial real estate market in Newark, especially in the Ironbound section,” said Sa- lomon. The newly renovated build- ing has undergone extensive capital improvements includ- ing a $1,000,000-plus gut renovation of the top and bottom floors, and half of the lobby. Approximately three miles from Newark Liberty International Airport, it is a prime location in the desir- able Ironbound section of Newark. Newark Penn Sta- tion, about 1.6 miles away, is a hub for trains, buses, and light rail only a short ride to New York City and a mono- rail to the airport, among other destinations. Gralla added, “There has been an unbelievable renais- sance occurring in Newark and this sale is a testament to the ever-growing strength of the market. We are very excited to be a part of the con- tinued improvement through- out this area.” Improvements to downtown Newark include a municipal project which will develop 22 acres between Newark’s central business district and the Ironbound with hous- ing, a three-acre park and a commercial center, linking the two neighborhoods by a pedestrian bridge over a highway. Michael Salomon and Julie Gralla are both rising stars at Kislak. Salomon joined the firm in 2013 and since then has completed transac- tions value at more than $20 million. Gralla joined Kislak in 2011. In 2012, she won the firm’s Rookie of the Year award, and she has com- pleted transactions valued at more than $65 million.
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