Mid Atlantic Real Estate Journal — April 26 - May 9, 2013 — A
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M id A tlantic R eal E state J ournal Abdy Realty Group represented the purchaser Kislak’sSquireshandles$5.325m sale of mixed-use properties
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a s b r o u c k Heights and Montclair, NJ
— The Kislak Company, Inc. announced the $5.325 million sale of three commer- cial properties in Hasbrouck Heights and Montclair. In separate transactions, an 8,000 s/f retail center on Rte. 17 in Hasbrouck Heights sold for $1.815 million; a 14,000 s/f retail and office property on Church St. in Montclair sold for $2.225 million; and a mixed-use property with six retail spaces and five resi- dential units on Grove St. in Montclair sold for $1.28 mil- lilon. Vice president Robert Squires represented both parties in the Montclair sales and the seller in the Hasb- rouck Heights sale. Abdy Realty Group represented the purchaser in that sale. “The market for retail and mixed-use properties in desir- able locations is very strong, especially in northern New Jersey” said Squires. “Each of these properties represented an opportunity for investors to acquire a strong and stable property in a very sough-af- ter area. The Rte. 17 retail corridor in Bergen County is among the busiest in the state and Montclair has an ex- tremely vibrant downtown.” “Kislak has closed several other transactions with the seller,” added Squires. Financ- ing was provided by Woori America Bank . “Montclair is an extremely desirable market for all types of commercial and residential properties,” said Squires. “It is thriving community and the downtown includes a mix of local and national retailers. Once we were given an op- portunity to market the prop- erty, we quickly procured a purchaser, a long-time private investor who was eager to add the property to his portfolio of commercial and multifamily properties.” Financing was provided by Somerset Hills Bank . The Grove St. property in Montclair is a two-story build- ing with six retail spaces and five residential units. “Kislak was obtained on an exclusive basis to market and sell the property,” added Squires. “It had been in the same family for more than 60 years and its availability presented an extraordinary opportunity for investors.” n
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