The Kislak Company, Inc. sells mixed use property in Millburn, NJ for $4 Million

Managing director Jeff Squires arranges off-market sale of 357 Millburn Ave.

Millburn, NJ — The Kislak Company, Inc. announced the recent sale of a mixed-use property with 15 residential units and four retail spaces at 357 Millburn Ave. in Millburn, Essex County, for $4 million.

Kislak arranged the off-market sale with managing director Jeff Squires handling the assignment on behalf of the seller P&D Partners, L.P. and he also procured the purchaser, Walton Millburn, LLC.

Highlighting the uniqueness of this property, Squires commented: “Multifamily properties in premier locations such as the Short Hills area rarely come on the market. This property had been owned by the same family for over 50 years spanning two generations. Kislak quickly procured a purchaser who agreed to move forward on a non-contingent basis with a fast closing. They appreciated the unique opportunity to acquire a multi-generational asset in one of New Jersey’s most exclusive downtown locations. The sales price of $200,000 per unit demonstrates investors’ appetite for well-positioned assets.”

Built in 1927, the three-story brick building has 15 large, residential units on the top floors with 4 high-end retailers on the ground level. The residential units consist of 11 one-bedroom/one bath and four two-bedroom/one bath apartments. Kept in pristine condition by a local family office, the 12,871 s/f building has undergone significant renovations over the years with new kitchen cabinets and appliances, as well as updated bathroom tiles and fixtures.

At the time of closing, the building was fully occupied.

Minutes from Rtes. 24 and 78, the building is located in the middle of the downtown shopping center, near two arboretums and also nearby high-end retail shopping at the Mall at Short Hills.

Falk, Flotteron and Davidson, LLP provided legal representation for the buyer and Lasser Hochman, LLC was the seller’s attorney. Jared Sobel of Walker & Dunlop originated agency financing.

Jeff Squires joined Kislak in 2007 and specializes in the sale of multifamily and other investment properties throughout northern New Jersey. Consistently among Kislak’s leading salespeople, he received the firm’s 2008 Rookie of the Year award, 2012 Sima Kislak Jelin Salesperson of the Year award and 2014 and 2016 Producer of the Year award. In 2024, he was promoted to a managing director.

About The Kislak Co., Inc.

The Kislak Company, Inc., which is headquartered in Woodbridge, New Jersey, is a leading commercial real estate brokerage firm consistently recognized for its investment sales success. Established in 1906, Kislak’s market leadership position and longevity are due to its ability to offer clients a personalized, hands-on approach, coupled with the unrivaled expertise of its long-tenured team of professionals. Kislak’s prestigious client base includes individual investors and owners, partnerships, financial institutions, and REITs.