Kislak’s Gralla completes $49.2 million New Jersey sales
Woodbridge, NJ — The Kislak Company, Inc. announced the recent sale in northern and central New Jersey of the following multifamily properties and development sites:
- over 130 units in Somerset County for $35 million;
- a 1.39-acre development site at 1000 North Ave. in North Plainfield for $5.25 million;
- 15 units at 532-538 East Front St. in Plainfield for $2.955 million;
- a 1-acre unapproved development site at 100-112 Main St. in Orange for $2.9 million;
- 16 units at 408-410 North 5th St. in Newark for $1.2 million;
- 8 units at 96 Eaton Place in East Orange for $1.1 million; and
- 8 units at 82-88 Watchung Ave. in North Plainfield for $800,000;
Kislak marketed all of the properties on an exclusive basis with VP Julie Gralla handling the first five assignments and executive VP Joni Sweetwood handling he last two. Gralla also procured each purchaser.
“The market for existing multifamily properties and multifamily development sites remains extremely strong in New Jersey, particularly in the northern and central parts of the state,” said Gralla. “The Somerset County sale is an excellent example. Despite being marketed quietly to a small group of qualified purchasers, we generated offers for the seller that were several million dollars higher than the direct offers he received prior to our engagement. This demonstrates the benefits of a transaction being professionally marketed pursuant to an exclusive listing. Additionally, the seller, who was the original developer of the property, appreciated our honest underwriting, which was based on realistic, yet aggressive expectations.”
Gralla joined Kislak in 2011 and specializes in the sale of multifamily and other investment properties in northern and central NJ.
Joni Sweetwood joined Kislak in 1996 and is one of the firm’s all-time leading salespeople.