6B — April 14 - 27, 2017 — New Jersey — M id A tlantic
Real Estate Journal
www.marejournal.com
N ew J ersey
VP Davidovic achieves premium prices for redevelopment sites Kislak sells land in Jersey City for $11.9 million
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Sts. Vice president Scott Da- vidovic co-represented the seller and purchaser in the Warren St. sale and the pur- chaser in the Coles and 15th Sts. sale. “Jersey City is among the hottest development markets, especially for multifamily properties, in the Tri-State Area,” said Robert Holland , president. “Scott is an expert in Hudson County develop- ment and redevelopment and has been capitalizing on the explosive demand for land in Jersey City.”
The progress within Jersey City is no longer limited to the ‘Gold Coast’ Hudson River waterfront. Projects through- out the city are transforming its landscape and population, and the mayor predicts that Jersey City will soon surpass Newark as the most populous city in NJ. “Buying land in a low cap rate environment allows de- velopers and investors to add more value and build to a higher rate of return,” said Davidovic. The Warren St. property is in Jersey City’s Powerhouse
Arts District four blocks west of Exchange Place. Current plans call for the construction of a 180-unit luxury apart- ment building with 1,400 s/f of ground floor-retail space, a black box performance the- ater, and art space on the second floor. The Coles and 15th St. prop- erties, which are zoned for a hotel, are located very close to the Holland Tunnel and the Hoboken border. They offer easy access to the New Jersey Tpke., U.S. Rte. 1 / 9 and pub- lic transportation to NYC and points throughout NJ. “The
purchaser sees great long- term value with the site given Jersey City’s many major developments and expanding economy,” added Davidovic. Davidovic joined Kislak in 2006 and specializes in the sale of multifamily prop- erties with a focus on land and development throughout northern New Jersey. After his first year with Kislak, he received the firm’s prestigious Rookie of the Year award, which recognizes a newer salesperson who records the greatest achievements during the year, and was promoted to vice president in 2013. In 2014, he received the firm’s Sima Kislak Jelin Salesperson of the Year award. n Weiss Announces two new leases at Colonial Village Edison, NJ — Jaime Weiss , managing member of Colonial Village As- the signing of two new leases at Colonial Village Profes- sional Office Park and Shop- ping Center located at Rte. 27 and Parsonage Rd. in Edison. Golden Point Acu- puncture has leased 858 s/f. Leading Rehabilitation, a therapist owned and operated outpatient physical therapy practice providing top notch comprehensive care to pa- tients using evidence based and patient focused care has leased 1,734 s/f space at their Colonial Village location. The new tenants join a list of medical office, professional and retail tenants includ- ing C2Education, Edison Pediatrics, Skin By Nicole, Starbucks Coffee, Meemah Chinese Restaurant, Loucas Italian Seafood restaurant, highly rated by Zagats, Linge- rie by Susan and Bernstein’s Fine Women’s Fashions. Located at the cross roads of Rte. 27, Lincoln Highway and Parsonage Rd. in Edison Township, it is easily acces- sible from the Garden State Pkwy. at Exit 132, the NJ Tpke. and Rtes. 1 & 9. n Jaime Weiss s o c i a t e s , L L C a n d p r e s i d e n t o f W e i s s R e a l t y , the center’s leasing and m a n a g i n g agent , has announced
ersey, NJ — The Kislak Company, Inc. announced two recent
land sales in Jersey City, New Jersey f o r $ 1 1 . 9 million. The s e p a r a t e transactions include the $5.9 million sale of a one-
Scott Davidovic
third acre former parking lot on Warren St. and the $6 mil- lion sale of a nearly one-acre assemblage of three vacant properties on Coles and 15th
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