Woodbridge-based The Kislak Company Inc., a real estate investment firm, announced Monday the $10 million sale of an 80,053-square-foot, eight-property mixed-use portfolio in East Brunswick and Highland Park.
Jeffrey Wiener, co-managing director, represented the seller, and Barry Waisbrod, vice president, represented the buyer. Jason Pucci, Esq., chief operating officer, managed and supported the transaction.
The properties, known as the Raritan Portfolio, consist of a 13,240-square-foot retail property at 210 State Route 18 in East Brunswick and the following properties in Highland Park:
A total of 46 tenants occupy the portfolio properties.
“Kislak was engaged on an exclusive basis by the longtime owners to market and sell the portfolio,” Wiener said in a statement. “We generated a great deal of interest among investors given the properties’ excellent locations in downtown Highland Park and on the heavily-trafficked Route 18 retail corridor in East Brunswick, and the portfolio’s strong occupancy at or near 100 percent.”
“The purchaser is a local business owner and investor with an appreciation for the strong local markets,” Waisbrod said in a statement. “Highland Park has a vibrant downtown, which is only minutes from Rutgers University. The East Brunswick property is ideally located on Route 18 immediately before an entrance to the New Jersey Turnpike.”
“Our engagement spanned several years primarily because of an environmental remediation that was required at one of the properties,” said Pucci in a statement. “In fact, our exclusive listing agreement was renewed nine times. All parties worked tirelessly throughout the transaction to ensure a successful closing.”
Amboy Bank provided financing. Scott Herzog, Esq., of Fort Lee, represented the seller and William Winters, Esq., of East Brunswick, represented the buyer.
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