Real Estate Journal — November 13 - 26, 2015 — 3A
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M id A tlantic R eal E state J ournal VP’s Keenan & Baxter handle off-market transaction Kislak inks $33.1 million sale of a 118-unit portfolio C HATHAM, NJ — The Kislak Company Inc. announced the recent
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off-market sale of a three- building multifamily portfolio with a total of 118 units in Chatham, Morris County for $33.1 million. Vice president Joseph Keenan represented the seller and vice president Donald Baxter represented the purchaser. The portfolio includes Gar- den Court with 42 units at 500 Main St., Suburban Court with 38 units at 525 Main St., and Colonial Manor with 38 units at 550 Main St. The purchaser was Madison Hill Properties . The properties are located less than onemile fromtheChatham train station and a NJ Transit bus service stop is directly in front of the properties. “This was a wonderful story” said Keenan “The properties had been in the same family for over 60 years -- the parents of the sellers were the original builders. Identifying the pur- chaser and the negotiating the final purchase price were just a small part of the transaction. When you are selling a piece of someone’s family history, you must be able to build a trust- ing relationship with them
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in order to complete the sale. While the owners we r e l o n g t ime l and - lords, they we r e f i r s t time sellers and it was
end, it was a wonderful expe r i enc e for the sell- ers, buyers and brokers. It was among t h e m o s t g r a t i f y i n g sales of my
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Kislak’s hands-on approach throughout every aspect of the transaction that ensured a smooth and successful closing – one that all parties involved will speak favorably of for years to come.” “This sale, although off mar- ket, was strewn with competi- tion from other brokers and interested purchasers,” said Baxter. “I believe our success in closing the sale resulted from our relationships with the parties involved. In the
career.” At the time of closing, the properties were approximately 99% occupied. The seller was represented by James Otto- bre of Bourne, Noll & Ken- yon of Summit, NJ. The pur- chaser was represented by Jay Greenfield of A.Y Straus of Roseland, NJ. Financing was arranged by Elliot Treitel of Meridian Capital Group and provided by ConnectOne Bank through loan officer Mi- chael Straus . n
The study of real estate revolves around risk and reward (cash flow). Investors confront risks all the time in buying, selling, investing and develop- ing real estate. Pick the letter choice below which correctly shows these risks: a. Return on Investment, depreciation, cap rates & flex space b. Liquidity, time, management exper- tise, & capital constraints c. Tax basis, interest rates, obsolescence & load factors d. Assessed values, government incen- tives, insurable value & property type “All real estate investors confront one or more of these risks when evaluating a real estate investment. Liquidity and time are major con- straints since real estate may require a long time period to sell the asset to generate cash than other non-real estate assets. The time period affects investors risk tolerance and need for liquidity. Real estate requires specialized knowledge and expertise and thus management becomes critical. All real estate investors require capital and thus the amount of capital available becomes an inherent risk. An investment in real estate may prevent an investor in investing in another asset.” A “B” - Liquidity, time, management expertise and capital constraints
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Ronald M. Shapiro is Assis- tant Professor of Professional Practice in the Finance and Economics Department at Rutgers Business School of Newark and New Brunswick. He teaches real estate finance and serves as the director of student services for theCenter for Real Estate. Prior to Rut-
Kaplin Stewart A t t o r ne y s a t Law
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gers Business School, Ron was SVP with Union Center National Bank (now Connect One) and served in executive management positions at Prudential Financial and Wells Fargo. n
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