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Mid A tlantic R eal Estate Journal — New Jersey — November 9 - 22, 2012 — 29A
www.marejournal.com
LIZABETH, NJ — TheKislakCompany, Inc. recently completed VP Squires leads sales of 60 units Kislak completes $5.03m Elizabeth, NJ multifamily sales E
represented the purchaser. “The properties are in out- standing condition having undergone extensive reno- vations,” said Squires. “The nearly $90,000 per unit sale price is indicative of the strong demand among investors for high quality multifam- ily properties in Elizabeth, which is an excellent market.” The properties include 11 one bedroom and 18 two bedroom units. Financing by Sovereign Bank was facilitated by Me- ridian Capital . At the time of closing, the properties were 95% occupied. The Westfield Avenue prop- erty is a two and one-half story brick building with a pitched roof. It had been owned by the original builder and includes a combination of studios and one- and two-bedroom units. Squires represented the seller and vice president Jonathan Greenberg represented the purchaser.
“The purchaser appreciated the tremendous potential with the property’s below- market rents, superior loca- tion on Westfield Avenue, large units, especially the nine two-bedroom units with large walk-in closets,” added Squires. “He intends to make a number of capital improve- ments and increase rents.” Financing was provided by Columbia Bank . The Monroe Street prop- erty is a brick garden-style apartment building with a pitched roof and all large one- bedroom units. Constructed in 1961, the property is in excellent condition with on- site parking and includes many recent improvements, including the roof, windows and parking lot. Squires represented both parties in the transaction. Financing was provided by Regal Bank . At the time of closing, the property was 100% occupied. n
four multi- family sales in Elizabeth, NJ totaling $5,030,000. The trans- actions in- c l ud e t h e $2,600,000 sale of two b u i l d i n g s
Jeffrey Squires
with a total of 29 units on Green and Summer Streets; the $1,675,000 sale of a 20- unit building on Westfield Avenue; and the $755,000 sale of an 11-unit building on Monroe Street. Vice presi- dent Jeffrey Squires was instrumental in each sale. “Jeff and our team did an outstanding job bringing these properties to market and selling them,” said Rob- ert Holland , president and co-managing director. “The Elizabeth submarket is very PISCATAWAY, NJ — Jones Lang LaSalle announces that it has completed a long-term sublease agreement with KMM Telecommunications, Inc. for 195,555 s/f of warehouse space at 21 Constitution Avenue in Piscataway. Founded in 1991, KMM pro- vides supply chain services to the communications industry. The privately held company is headquartered in Fairfield, NJ. The Jones Lang LaSalle team of executive vice president Frank Truesdell , manag- ing director Joel Lubin and vice president Brian Cass represented the property’s sub-landlord, Verizon New Jersey, Inc. KMM was repre- sented in-house by president of business operations John Campanelli . With this transaction, ap- proximately 92,000 s/f of space remains available for lease at the property.
Summer Street
strong given its location, size- able population and vibrant downtown. These sales demonstrate how certain long-time owners are selling. The very low in- terest rates are also contrib- uting to the demand among buyers and premium pricing. These sales yielded an aver- age per unit price of more than $83,000, higher than many other recent sales.”
The properties on Green and Summer Streets in Eliz- abeth are brick garden-style apartment buildings with a combination of one- and two- bedroom units. The proper- ties had been in the same family for over 40 years be- fore Kislak was retained on an exclusive basis to market and sell them. Squires rep- resented the seller and vice president Barry Waisbrod
Jones Lang LaSalle represents Verizon in 195,555 s/f sublease
Binswanger negotiates 158,735 s/f lease on 7.85 acres
535 Dowd Avenue
21 Constitution Avenue
ELIZABETH, NJ — On behalf of Seagis Property Group , Binswanger an- nounces the lease of a 158,735 s/f distribution facility on 7.85 acres. The property is located at 535 Dowd Avenue in Eliza- beth. The tenant, Continental Terminals, Inc., the largest handler of specialty coffee in the United States, plans to use the facility for distribution of
import commodities. The property is located in an Urban Enterprise Zone, one mile to New Jersey ports and Exit 13A on the New Jersey Turnpike. The transaction was han- dled by Andrew Grabis , vice president in Binswanger ’s Morristown, NJ office and Marc Policarpo , senior vice president in Binswanger ’s Philadelphia, PA office. n
“This Class A facility provides a strong corporate image and is ideal for a fast-growing com- pany such as KMM,” Truesdell explained. “The firm will also benefit from the building’s functionality and the site’s excellent location, which pro- vides easy access to the entire tri-state area.” “All of the parties involved in this transaction worked
diligently to make this deal work and create a positive result. We are very pleased that we were able to close this sublease on behalf of Verizon.” Cass added. Developed to Verizon’s speci- fications in 2004 and located in a corporate park environment on a 20- acre tract of land, 21 Constitution Avenue totals 288,115 s/f. n
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