Kislak Completes $4.85 Million Bank Sale of Trenton, NJ Landmark

July 21, 2011 - PRLog -- The Kislak Company, Inc., the dominant investment real estate sales firm in the tri-state region, recently completed the sale of Grand Court Villas, a 63-unit landmark multifamily property in Trenton, New Jersey for $4,850,000.  Vice president Matt Weilheimer represented both parties in the transaction.

The property, which is registered as a National Historical Landmark, is the former site of the Clay, Henry and Bock & Company Cigar Factory.  Built by Francisco & Jacobus in the 1800s, the grandiose, distinctive building reflects the Mission and Spanish Revival architectural styles, and boasts original emblems from the cigar factory on its façade.  It is located in the Chambersburg section of Trenton.

In 1986 the property was converted from a warehouse to an apartment building.  A condominium conversion was completed in 2006, subject to state approval, although the property continues to operate as a rental property.  Amenities include indoor parking and laundry rooms on each floor.  The four-story elevator building is comprised of one and two-bedroom units with 1 ½ and 2 ½ baths.  Duplex units feature spiral staircases, while top-floor apartments feature terraces and 14-foot ceiling heights.  Apartment amenities include individual heat, air conditioning and dishwashers in each unit.

After a lender foreclosed on the property, Kislak was engaged on an exclusive basis to market and sell it.  “This was a valued-add opportunity with upside potential,” said Weilheimer.  “The property offers some of the largest units in the area and the apartments were being re-marketed to the rental community.  The seller was also offering attractive financing to interested investors.  We were able to generate a great deal of interest in the property from both local and regional clients.  The buyer purchased the asset on the ‘upswing,’ acquiring one of the most distinctive properties near the state capital.”    

Grand Court Villas offers residents convenient access to some of New Jersey’s most heavily trafficked highways including Routes 1 and 29, Interstates 95 and 295, as well as the New Jersey Turnpike.  Also in close proximity is the Trenton Train Station, which offers mass transportation via NJ Transit and Amtrak, as well as numerous banking and dining establishments.  

“From start to finish, Matt did an excellent job marketing the property and ultimately closing the sale,” said Robert Holland, senior vice president and co-managing director.  “We were very familiar with the property having sold it three times previously.  Many of our clients were eager for the opportunity to acquire such a landmark property.”

The seller was represented by Steven Robinson,Esq. of Cullen and Dykman LLP of New York, New York.  The purchaser was represented by Scott Herzog, Esq. of Fort Lee, New Jersey.

Weilheimer joined Kislak in 1996 and consistently one of the company’s leading producers.  He has won numerous sales production awards at Kislak including the company’s 2010 Production Award.

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, Pennsylvania, New York and Delaware.