Kislak Completes $4,300,000 of Westfield, NJ Commercial Property

Sept. 20, 2011 - PRLog -- The Kislak Company, Inc., the dominant investment real estate sales firm in the tri-state region, announced the $4,300,000 sale of an 11,400 square foot mixed-use retail and office building in downtown Westfield, New Jersey.  The trophy property is located on North Avenue and includes a Citibank branch, Salon Visage, and two office tenants.  Senior vice president Joni Sweetwood represented both parties in the transaction.

“Downtown Westfield is one of the most attractive and strongest commercial districts in all of New Jersey,” said Sweetwood.  “This sale was of an A+ property in an A+ location with A+ tenants and the $377 per square foot sale price illustrates the strength and desirability of the market.”  

“Another broker had been unable to sell the property,” added Sweetwood.  “The seller, with whom we have a long-standing relationship, soon realized we would perform and gave us the opportunity to market and sell the property.  We quickly generated a great deal of interest among local and regional investors and procured a strong purchaser.”

Newly constructed in 2005, the property includes a three-story brick elevator building with first and second floor retail space and office space on the third floor.  It is located in one of the premier areas of downtown Westfield directly across from the New Jersey Transit train station and municipal parking lot.  Citibank occupies the first floor.  Well-known area salon, Salon Visage, occupies the second floor and office tenants occupy the third floor.  All tenants have triple net leases.

At the time of closing, the property was 100% occupied.  Financing was provided by Oritani Savings Bank.

Downtown Westfield, with over 200 retail and 400 commercial establishments, is a New Jersey destination.  It features many local and national stores such as Lord & Taylor and several landmarks that were shown and used in the NBC television show “Ed.”  The downtown has a mix of independent and national stores and restaurants, and office space.  Over one-third of the retailers and restaurants have existed for 25 years or more.  

“We were told by our contact at the Downtown Westfield Corporation that there has also been a recent surge in demand for retail space,” added Sweetwood.

Sweetwood joined Kislak in 1996, has won numerous sales awards including the company’s Sima Kislak Jelin Salesperson of the Year award and Production award, and is one of the company’s all-time leading salespeople.  

The Kislak Company, Inc., which is headquartered in Woodbridge, New Jersey, is recognized as the dominant investment sales company serving the multifamily and retail markets.  Established in 1906, Kislak’s market leadership position and longevity is 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.  The firm’s 25 professionals provide comprehensive market coverage throughout New Jersey, New York, Pennsylvania and Delaware.  

Now in its 105th year, Kislak was among a select group of firms recognized as a 2010 Power Broker by CoStar Group, Inc. for multifamily sales transactions.

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Established in 1906, The Kislak Comapny, Inc. is the dominant investment sales company serving the multifamily and retail markets throughout New Jersey, eastern Pennsylvania, southern New York and Delaware.