Kislak sells South Orange Square in NJ for $11.6 mil
South Orange, NJ — The Kislak Company, Inc. announced the recent sale of South Orange Square, a 31,000 s/f mixed used office and retail property in South Orange, Essex County for $11.6 million. Kislak marketed the property on an exclusive basis with executive vice president Joni Sweetwood handling the assignment on behalf of a longtime client. Sweetwood also procured the purchaser, another long time and multi-generational client, only a few weeks after initially marketing the property. South Orange Square is an iconic property that sits at the corner of South Orange Avenue and Scotland Road/Valley Road, the most visible and heavily-trafficked corner (AADT 21,031 cars) in South Orange. It is only a short walk to the nearby train station that provides midtown direct service to and from NYC. The addresses are 67-81 South Orange Ave. and 3-11 Scotland Rd. The transit-oriented property includes 21,000 s/f of retail space, 9,000 s/f of second story office space and 1,000 s/f of storage rooms, all with high occupancy histories. Tenants include Verizon, Investors Bank and the South Orange Pharmacy. At the time of closing, the property was 98% leased. Many major interior and exterior capital improvements were completed five years ago. The property offers convenience access via front, side and rear entrances, and parking in three adjacent municipal lots.