16B — March 24 - April 13, 2017 — Owners, Developers & Managers — M id A tlantic

Real Estate Journal


O wners , D evelopers & M anagers

OODBR I DGE , NJ — The Kislak Company, Inc. an- Waisbrod and Bortz facilitate IRC Section 1031 Exchange for longtime client Kislak sells two office buildings in NJ and PA With 240,000 s/f for $32.5 million W building and high-tech manu- facturing facility located at 15 Mercedes Dr. inMontvale; and

activity has been strengthen- ing and vacancies have been decreasing, and investors are taking advantage of op- portunities to add stable and well-performing office proper- ties to their portfolios. Initial returns and upside potential with these properties are often greater than those with multi- family or industrial properties of similar quality in similar locations.” The Coining building is fully leased to Coining, Inc., the world’s largest solder pre- form manufacturer, and it is owned by AMETEK, Inc. Kis-

lak marketed the property on an exclusive basis. Senior vice president Barry Waisbrod represented the seller, a long- time client, and vice president Janet Bortz represented the purchaser, a local investor. “The Montvale seller is a longtime client and wanted to exchange it into a larger multi-tenanted property,” said Waisbrod. “We were successful in helping to close both trans- actions for him.” “The fully-renovated prop- erty had a single tenant with a long-term NNN lease that included regular increases,”

said Bortz. “The property condition, tenant’s financial strength and ease of manage- ment were all reasons our client purchased the property. He owns other single tenant office properties in the tristate area and this was a good fit for his portfolio.” “Once we made the Mont- vale deal, we worked very hard to identify the right exchange property for our client,” added Waisbrod. “We ultimately identified Island View Crossing, a strong and stable off-market opportunity with upside potential in an excellent Bucks County loca- tion. The seller had purchased it from a bank two years ago and stabilized it.” Island View Crossing is a large three-story building situated along the Delaware River. Tenants include Lenox Corporation, Staples, Inc. and Strategic Distribution Inc. The property was redeveloped from an industrial building to a class A office in 2004. n MillerSearles moved into their new office space during Memorial Day weekend with great excitement. “We are so happy and proud of our new location and we cannot wait to invite our clients to visit,” said Searles. Searles added “I cannot say enough about the professionalism, breath of knowledge and responsiveness of Les McCoy and the rest of the DesignPoint team. I have no doubt that had I not contacted them, that our new office would not have resulted in such a wonderful work environment.” If your business is looking to fit out, renovate or design a great interior space call the ones who know how to make it happen at 610-807-9670. Located in Bethlehem, Pennsylvania, DesignPoint works on both regional and national levels. DesignPoint, Inc. is a full service Interior Architectural Design & Pro- curement Firm with a focus on corporate, hospitality, senior living, medical offices and high- end residential interiors. n continued from page 12B Corporate office space designed . . . rials. McCoy said, “We do not offer those services but we were flattered that MillerSearles sought our input; ultimately, we were able to direct them to the proper professionals.”

the $20 mil- lion sale of Island View Crossing, a 180,000 s/f class A office building lo- cated at 1414 Radcliffe St. i n Br i s t o l ,

nounced the recent sale of two office buildings as part of an In- ternal Rev- enue Code Section 1031 like-kind ex- change for a longtime client.

Barry Waisbrod

Janet Bortz

Bucks County, Pennsylvania. “We are helping more and more investors acquire of- fice properties,” said Robert Holland , president. “Leasing

The transactions included the $12.5 million sale of the Coining building, a single- story 60,000 s/f class A office

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