Kislak arranges $67.2M worth of property sales

By Eric Strauss
South Jersey | Aug 7, 2018 at 11:42 am

The Kislak Co. Inc. has arranged a series of property sales in South Jersey, it announced Tuesday. The transactions included 10 properties totaling $67.2 million.

The deals totaled 976 residential units, 92,000 square feet of commercial space and 5.67 acres of land.

They included seven multifamily transactions:

  • The $27.4 million sale of Stonington Court Apartments, 456 units in Lindenwold;
  • The $12.2 million sale of Laura’s Glen Apartments, 197 units in Pennsville;
  • The $6.8 million sale of Penn Gardens, 116 units in Pennsauken;
  • The $6.2 million sale of John Wesley Village, 60 units in Camden;
  • The $5.5 million sale of Westwood Manor, 79 units in Westville;
  • The $2.4 million sale of Magnolia Park, 48 units in Camden;
  • The $2.2 million sale of the Enclave at Walnut, 20 units in Toms River.

The commercial transactions include:

  • The $4.4 million sale of Quail Creek Shopping Center, 52,000 square feet in Howell;
  • The sale of 5.67 acres of land designated for townhouses in Mullica Hill;
  • The distressed sale of a vacant former supermarket building, 40,000 square feet in Pittsgrove.

Matt Weilheimer of Kislak represented the sellers in all but three of the transactions. With Barry Waisbrod, he represented the purchasers in two deals. Jonathan Greenberg represented two purchasers, while Joni Sweetwood represented one. All are senior vice presidents with the firm. Sales associate Justin Lupo represented one seller.

“There are still value-add opportunities in southern New Jersey, especially compared to those in the northern part of the state, where pricing is considerably higher,” Weilheimer said in a prepared statement. “More and more investors are in search of multifamily and other well-performing investment properties in South Jersey.”

Eric Strauss | estrauss@roi-nj.com | acerimrat