10B — March 10 - 23, 2017 — Northern New Jersey — M id A tlantic
Real Estate Journal
www.marejournal.com
N orthern N ew J ersey Scott Herzog, Esq. of Fort Lee, New Jersey represents seller
Squires of The Kislak Co. brokers $9.64 million sale of 53,000 s/f retail center in Bayonne, NJ B ayonne, NJ — The Kislak Company Inc. announced the recent
Jersey for investment proper- ties” said Robert Holland, presi- dent. “There is great demand among investors for well-locat- ed and well-performing proper- ties. Rob did an outstanding job bringing this property to market and selling it.” The property includes a 53,000 s/f single-story shop- ping center with 14 stores and on-site parking on 3.4 acres. It is located at the corner of John F. Kennedy Blvd. and West 63rd St., close to the Jersey City border. The property sold for $182 psf and a 6.1% cap rate based on the in-place net
operating income. “Properties such as this rarely become available,” said Squires. “This center has been in the same family since the 1980s and has proven to be a well-performing asset.” “Once we were engaged on an exclu- sive basis to market and sell the property, we immediately contacted our retail investors who showed tremendous inter- est in acquiring the property. After receiving eight offers, the seller chose to proceed with MJ Property Group , a very well-qualified purchaser that has been active purchasing value-add retail deals. This was a perfect fit for them, the transaction closed smoothly and I look forward to working with both parties in the future.” The seller was represented by Scott Herzog, Esq. of Fort Lee and the purchaser was represented by AdamBayroff, Esq. of Jericho, NY. n Ripco Real Estate e x p a n d s S p o r t Clips in NewJersey Lyndhurst, NJ —Sport Clips Haircuts is continuing its rapid growth in the Garden State with Ripco Real Estate representing the national chain in three new leases in NJ. Ripco’s David Townes ar- ranged deals for new locations in Paramus, West Caldwell and Marlboro. “Sport Clips is building a great reputation here in NJ, and we are fortunate to help them in their expansion,” said Townes, who brokered the leases for the Lyndhurst- based firm. The new Sport Clips loca- tions include: • Marlboro Plaza, Rte. 9 in Marlboro, a 1,275 s/f inline location. • Sprout Brook Shopping Cen- ter, 556 Rte. 17 North, Para- mus, a 1,180 s/f inline location. • 780 Bloomfield Ave., West Caldwell, a 1,345 s/f location. Ripco worked with Jimmy Aug of Sabre Real Estate who represented the owner in the transaction. n Sport Clips
sale of a Fam- ily Dollar-an- chored shop- ping center l o c a t e d a t 1 3 4 7 Ke n - nedy Blvd. in Bayonne for $9.64 million. Vice presi-
Robert Squires
dent Robert Squires rep- resented both parties in the transaction. “Hudson County is among the strongest submarkets in New
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