S hopping C enters N ew J ersey /P en sylvania

M id A tlantic Real Estate Journal — New Jersey/Pennsylvania — Section B


Lupo and Pucci handle the assignment on behalf of both parties Kislak completes $22.5 Million exchange in New Jersey & Florida


in central New Jersey for $11 million with senior vice presi- dent Justin Lupo and chief

and specializes in the sale of multifamily and other invest- ment properties in central New Jersey and eastern Pennsyl- vania. Following his first year with the firm, he received its Rookie of the Year award. In 2018 and 2020, he received the firm’s Sima Kislak Jelin Salesperson of the Year award and in 2019 received the firm’s Producer of the Year award. Lupo’s investment sales total more than $450 million. Pucci joined Kislak in 2006 and is responsible for the man- agement of the firm’s opera - tions, business activities and growth initiatives including achievement of its financial and operational objectives. Since joining Kislak, the firm has closed more than 1,700 transac - tions valued at $7 billion with Pucci personally closing more than 70 transactions valued at over $700 million. MAREJ

O O D B R I D G E , NJ — The Kislak Company, Inc. an-

operating of- ficer Jason Pucci han- dling the as- signment on behalf of both parties, long - time clients. Messrs. Lupo a n d P u c c i

nounced the recent com- pletion of a two-property I .R.C. Sec - t i o n 1 0 3 1 exchange in New Jersey and Florida for a total of $22.575 million.

Justin Lupo

Jason Pucci

subsequently represented the seller of the New Jersey multi- family property in its $11.575 million acquisition of a Wawa food market and gas station, which is under construction at 7878 N.W. 103rd St. in Hialeah Gardens, Miami-Dade County, FL. Terms of the New Jersey sale were not disclosed. The Florida property includes a triple net ground lease with Wawa with an initial 20-year

In the first transaction, Kis - lak arranged the off-market sale of a multifamily property

7878 N.W. 103rd St. in Hialeah Gardens, Miami-Dade County, FL apartment complex into a well- located NNN Wawa, which is a strong tenant, with zero landlord responsibilities. The purchaser of the New Jersey property added a value-add property to its growing portfo- lio of properties in the North- east and Mid-Atlantic.” Lupo joined Kislak in 2014 term, multiple renewal options and future rent increases. The property is just west of the Palmetto Expressway/State Road 826 near Miami. “These sales were excel- lent opportunities for our cli- ents,” said Pucci. “The seller of the New Jersey property exchanged a long held older


ICRE announces sale of 515,000 s/f industrial facility inDelaware County, PA for $20Million


phia International Airport, New Jersey and I476. “The property is 70% leased and has a vacancy of 156,000 s/f of high bay 35’ clear warehouse space, which is now being marketed by ICRE at very aggressive well below market lease rates.” Built in the mid 1900’s and renovated throughout the years by multiple owners, the Curtis Building was origi- nally designed as a single user manufacturing facility and was later used for publishing the Saturday Evening Post Magazine, before being bifur - cated to house multiple ten- ants later in the 20th Century. Today, 2000 – 2009 Elmwood Avenue contains 10% office space and the balance is pro- duction and warehouse space, with ceiling heights ranging from 16’ to 35’. Loading is facilitated via multiple docks and drive in doors, and the site has the potential for accom- modating additional parking and docks, if required. MAREJ

SHARON HILL, PA — Italiano Commercial Real Estate Services (ICRE)


has arranged for the sale of a 515,000 s/f industrial facility for- merly known as the Curtis Publ i shing Building, lo - c a t e d o n

13-BC B


Steve Italiano

over 18 acres of ground at 2000 – 2009 Elmwood Ave., Sharon Hill. An out of state private real estate investment firm acquired the asset in an all cash deal. Steve Italiano , president and Broker of Record of Ital- iano Commercial Real Estate Services LLC, represented all parties in the sale of one of the largest industrial buildings in the history of Delaware County. Located just minutes from Philadelphia and within walk- ing distance of the Curtis Park Septa Rail Station in Sharon

Elmwood Ave., Sharon Hill, PA

Hill, PA, the property benefits from its excellent location in Delaware County near the Philadelphia International Airport and I95, within the Folcroft East Business Park in one of the most active distribution corridors in the eastern United States. “Both local and out of state investor and user demand for older, functioning industrial

product along the I-95 cor- ridor has never been stronger during my 36 year industrial brokerage career, and the existing space industrial va- cancy rate has never been tighter. This is a tremendous long term value add opportu- nity for the buyer”, said Steve Italiano. The Curtis Building is ideally located just a few miles from I-95, the Philadel -



Southern NJ Appraisal Institute . ........................... 6-7B Colliers NJ Market Report ...12B People on the Move ........... 16B


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