12A —January 21 - February 17, 2022 — 2022 Forecast — M id A tlantic Real Estate Journal
www.marej.com
2022 F orecast
By Robert Holland, The Kislak Company, Inc. It’s Something Personal, It’s Business
M
ost of us are proba - bly familiar with the phrase, “It’s nothing
Because of our approach, and our ability to seize the opportunities that develop amidst the challenges, the Kislak team made 2021 a great year for the company and its clients. The numbers tell an impressive story: • 242 closed transactions • $1,000,000,000+ transac - tion volume • 6,000+ multifamily units sold • 600,000+ s/f commercial properties sold • 110,000+ s/f commercial space leased At Kislak the “old” normal – based on a foundation estab - lished in 1906 – serves us and our clients well as we adapt to the ever-evolving new normal. In the course of doing business for more than a century, it has been clear that adaptability is critical to success. What is normal around us never really stays the same – so by main - taining our normal flexibility, ingenuity and integrity, we are always ready to make deals happen. Moving into 2022, a num - ber of deals are already in we are experiencing strong growth in the New Jersey and Pennsylvania commer - cial markets with increased demand from investors and users.” “We are experiencing un - precedented growth in our core Northeast and Mid- Atlantic markets,” said Ja- son Pucci , chief operating officer. “On a year-over-year basis, our closed transaction count is up 70% and our sales volume has nearly doubled despite low inventory in cer - tain submarkets and recent interest rate fluctuations, which impact our sales. Our team is doing an incredible job despite the challenges we all continue to face.” Peter Wisniewski , execu - tive vice president of Kislak’s commercial team, added, “Leasing and sales activity of warehouses and commercial properties continues to be very strong. In fact, we are seeing more adaptive reuses of older properties, build-to- suit leases, and land acquisi - tions by users for develop - ment with little available, modern product in the market
the pipeline and our pri - mary markets of New Jersey, Pennsylvania and New York continue to be extremely de - sirable for multifamily and for commercial sales and leasing. In addition to long - time clients, there are new investors looking to broaden their portfolios. While changes in inter - est rates and tax laws are always possibilities, we are optimistic the picture will remain positive this year. In addition, in times of inflation, real estate becomes an even more popular investment. Multifamily real estate con - tinues to be a highly desirable investment. We are seeing more renters than ever and collections are strong. The reliable and comparatively low-risk returns of multifam - ily property are very attrac - tive, especially when there are dramatic stockmarket swings and lower returns on many other types of investments. In today’s market, sellers benefit from very high prices, and buyers can take advantage of the availability of mortgage right now. The outflow from New York City and other ur - ban markets continue to the suburbs” Notable investment sales transactions completed in 2021 include the: •$65,000,000 sale of a 600+- unit multifamily portfolio in eastern Pennsylvania; •$56,000,000 sale of the Pinnacle, a 140-unit multi - family property in Fort Lee, N.J.; •$50,000,000 sale of a 150- unit multifamily property in Middlesex County, NJ; •$42,000,000 sale of a 320- unit multifamily property in Gloucester County NJ; •$40,000,000 sale of a 230- unit multifamily property in Lancaster County, PA; •$40,000,000 sale of a 260- unit multifamily property in Dutchess County, NY; •$35,000,000 sale of a 350- unit property with land for development in central NJ; •$24,200,000 sale of a 156- unit multifamily portfolio in Bergen County, NJ; •$22,750,000 I.R.C. Section 1031 exchange of a multifam - ily property in central New
money at attractive interest rates. Kislak’s commercial sales and leasing division expects we will see continued low vacancy rates and increas - ing rents in the coming year. With supply chain concerns, warehouse properties with ac - cess to primary transportation outlets are in high demand, and there are new and unique takes on office properties as businesses and employees adapt to our changing times. Our exceptionally proac - tive sales force is supported by the highly skilled Kislak marketing and administrative teams that provide detailed and timely data and com - munications to help us obtain exclusives and close deals. Kislak’s focus on serving as our clients’ eyes and ears in the marketplace is more im - portant than ever. We do the research and homework need - ed to help ensure our clients are prepared and informed, as we put together deals that serve our buyers, sellers and communities well. At Kislak, we value our •$22,580,000 sale of Mer - riam Gateway Apartments, a 101-unit multifamily prop - erty with 10,000 s/fof com - mercial space, in Newton, NJ; and the •$20,500,000 sale of Sun - nyfield Garden Apartments, a 120-unit multifamily prop - erty in Linden, NJ Notable commercial leasing and sale transactions com - pleted in 2021 include the: •$3,900,000 sale of a 44,300 s/f warehouse/manufacturing facility in Readington, NJ; •$3,400,000 sale of a 15,250 s/f shopping center in Clinton, NJ; •$2,120,000 investment sale of a Goodyear Tire Cen - ter in Edison, NJ; •$2,000,000 sale of a 15,670 s/f contractor’s flex/office park on 7 acres in Fleming - ton, N.J; •$1,035,000 sale of a 7,350 s/f prime downtown retail store in Bloomfield, NJ; •36,000 s/f long termware - house lease for an office furni - ture company in Branchburg, NJ; and the
longtime clients, and we cultivate new clients with the long-term in mind. Our longevity in the market means we have established relationships with lenders, mortgage brokers, attorneys, title companies and other key members of the real estate community. We put all of this into the work we do for each and every client, and it pays off in successful deals and long-lasting relationships. At Kislak, our clients are our top priority. We make and take the time to understand their goals and expectations so we can help them succeed. It’s the way we do business – day after day, year after year. And it’s very personal. Robert Holland joined Kislak in 1984 and became president in 2012. Consistently, among the leading brokers of apart - ment buildings in central and eastern Pennsylvania, Hol - land is one of Kislak’s all-time leading salespeople with sales totaling more than $3 billion. Robert Holland is presi- dent at The Kislak Com- pany, Inc. MAREJ •10,000 s/f long term indus - trial lease for a packaging man - ufacturer in Branchburg, NJ About The Kislak Co. The Kislak Company, Inc., which is headquartered in Woodbridge, New Jersey, is a leading commercial real estate brokerage firm con - sistently recognized for its investment sales success. Established in 1906, Kislak’s market leadership position and longevity are due to its ability to offer clients a personalized, hands-on ap - proach, coupled with the unrivaled expertise of its long-tenured team of profes - sionals. Kislak’s prestigious client base includes indi - vidual investors and owners, partnerships, financial in - stitutions, and REITs. The firm’s 35 professionals pro - vide comprehensive market coverage throughout New Jersey, New York, Pennsyl - vania, and Delaware. Now in its 116th year, Kis - lak was among a select group of firms recognized as a 2020 Power Broker by CoStar Group, Inc. and this was the firm’s 15th consecutive recognition. MAREJ
personal, it’s b u s i n e s s . ” But when I hear that, I think about the way we do business at Kislak and I have to say
Robert Holland
that just isn’t true. Business is very personal and we ap - proach each client, each deal, with very real and very careful attention to clients’ expecta - tions and needs. For the past two years, we have been distanced in a va - riety of ways, yet the Kislak commitment to personal, one- on-one service is never sacri - ficed. We rely on longstanding approaches and find newways to keep the faith and maintain connections with our clients. Calls, emails and texts, video calls and meetings, and in- person meetings and property tours conducted in ways that respect the health and safety of all involved, keep us in touch and on track. WOODBRIDGE, NJ — The Kislak Company, Inc. and Kislak Commercial Real Estate Services, Inc. reported record investment sales and commercial sales and leasing activity through - out 2021 closing 242 transac - tions in New Jersey, Pennsyl - vania, New York, Delaware, Florida, and Ohio. Kislak’ s total transac - t i o n v o l ume e x c e e d e d $1,000,000,000 and included the sale of more than 6,000 residential units and 600,000 square feet of office, retail and industrial properties and the leasing of 110,000 s/f of office, retail, and industrial space. “Throughout 2021, our listing activity and sales were extremely strong with a record number of closings, more than one every other day,” said Robert Holland, president. “The multifam - ily market remains robust throughout the U.S. with de - mand far exceeding supply. I expect this trend to continue as multifamily along with certain industrial properties remain the preferred as - set classes nationwide, and
Kislak reports record 2021 sales: Strong sales and leasing activity in 6 states Jersey for a NNN ground lease in south Florida;
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