4B — June 2023 — New Jersey — M id A tlantic Real Estate Journal
www.marej.com
N ew J ersey
Associate Max Levinston arranges sale of 28,300 s/f property in Middlesex County Kislak sells South Plainfield, New Jersey shopping center for $3.4 Million sales s/f and Building B with 20,300 s/f – on 2.53 acres.
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Many of the rents are below market, which appealed to the purchaser given the potential upside.” Building A was built in 1956 and is a one-story re- tail building with seven fully occupied spaces. Building B was built in 1977 and is a two-story mixed-use building with four fully occupied retail spaces on the first floor and eight offices with elevator ser- vice on the second floor, four of which are occupied. Building B is anchored by a Wells Fargo branch with a drive-through, which space is earmarked for a new tenant upon the bank’s upcoming lease expiration. The balance of the existing retail tenants includes a mix of national and independent retailers. Executive vice presi- dent Matt Weilheimer , who provided support and guidance to Levinston, added, “This was one of the most challenging transactions that I have expe- rienced given the Wells Fargo lease expiration and difficult debt market. Max overcame those challenges and complet- ed the sale to the satisfaction of the seller and purchaser.” The property is well-located on Plainfield Avenue with ample parking and excellent signage and visibility. There is a bus stop at the property, which is a short walk to South Plain- field High School and Middle School. Other area retailers include CVS, 7-Eleven and Quick Check. South Plainfield is a borough in Middlesex County with a growing popula- tion situated approximately 35 miles southwest of New York City. It is located in the heart of the Raritan Valley. As of the 2020 United States cen- sus, the borough's population was 24,338, a 4.1% increase from the 2010 census, which in turn reflected an increase of 7.2% from the 2000 census. Max Levinston joined Kislak in 2019 and specializes in the sale of investment and commercial properties in cen- tral New Jersey. In 2022, he received Kislak’s Rising Star award for his 2021 accomplish- ments. The award is presented to a newer salesperson who recorded the greatest achieve- ments during the past year. The Kislak Company, Inc., which is headquartered in Woodbridge, New Jersey, is a leading commercial real estate brokerage firm consistently recognized for its investment sales success. MAREJ
OUTH PLAINFIELD, NJ — The Kislak Company, Inc. an-
Kislak marketed the prop- erty on behalf of the seller, RJC, Inc., with sales associ- ate Max Levinston handling the assignment, and he also procured the purchaser, which was not disclosed. Levinston said, “We marketed the prop- erty exclusively on behalf of the seller, which had owned it for nearly 70 years, and pro- cured a dozen offers. Despite numerous market-related challenges, we proceeded with a purchaser that ultimately closed on an all-cash basis.
nounced the recent sale of a 28,300 s/f mixed-use retail and of- fice property at 2313-2325 Plainfield Ave. in South Plainfield, Middlesex
Max Levinston
County for $3.4 million. The property, known as LaCosta Plaza, consists of two build- ings – Building A with 8,000
2313-2325 Plainfield Ave.
EXCLUSIVE PROPERTIES FOR SALE
Morristown, NJ 29 Units To-Be-Completed Joseph Keenan ext 256
Elizabeth, NJ 2 Buildings | 18 Residential Units + 2 Retail Units Michael Salomon ext 243 Don Baxter ext 265
Bridgewater, NJ 100 Residential Units Daniel Lanni ext 248
Oradell, NJ 13 Residential Units + 4 Office Units Robert Squires ext 287
Maplewood, NJ 2 Residential Units + 1,500 SF Retail Joseph Keenan ext 256
Belleville, NJ Approved Site | 14 Residential Units + 2 Commercial Units
Matt Weilheimer ext 253 Tom Scatuorchio ext 255
The Kislak Company, Inc. | kislakrealty.com | 732 750 3000
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