Kislak Brokers Sale of Bank-Owned Property for $460,000 in Market Seeing Increased Demand for Smaller Properties
- Sep 23, 2010
Hillside, N.J. — The Kislak Company Inc. announced the sale of a bank-owned mixed-use retail and multifamily property in Hillside, N.J. for $460,000. Vice President Jeffrey Squires represented both parties in the transaction.
“Jeff continues to expand his reach in and around Union County,” says Robert Holland, senior vice president and co-managing director. “Kislak is experiencing increased demand for multifamily properties throughout New Jersey, and we are also representing more and more new investors in search of small to mid-sized properties. With interest rates still very low and occupancy rates high, properties such as these are in demand.”
The transaction was a bank foreclosure sale of a downtown mixed-use 10,000 square foot property that includes six retail spaces and four apartments. “Kislak also had an exclusive to sell this property and we quickly secured an all-cash purchaser in only a few weeks,” says Squires. “We represented a large bank and marketed the property at an aggressive price given its 50 percent occupancy. This appealed to investors in search of distressed properties that offer value-added opportunities. An existing client purchased the property and this transaction marked his second with Kislak in as many years.”
The $460,000 sale price is below other comparable non-distressed properties in Hillside. The purchaser, who plans to renovate the property and fill the vacancies, was represented by Irving Tobin, Esq. of Hillside.