Kislak brokers four Essex property sales totaling $5M-plus

By Eric Strauss
Essex County | Jun 17, 2019 at 5:53 pm

Four investment properties in Essex County have sold for more than $5 million, according to the Kislak Co. Inc.

The Woodbridge-based commercial real estate services firm said in a news release that sales associate Tom Scatuorchio represented all parties in the sales of:

  • 614-618 Mill St., Belleville;
  • 253 Joralemon St., Belleville;
  • 32 Bloomfield Ave., Bloomfield;
  • 160 Bloomfield Ave., Bloomfield (in partnership with Senior Vice President Matt Weilheimer).

The four sales totaled $5.135 million.

The Mill Street property includes three, two-story brick buildings totaling 18 one-bedroom apartment units.

“This property sold for one of the highest per-unit prices in Belleville, due to its excellent condition and proximity to the hospital (Clara Maass Medical Center) and new development sites,” Scatuorchio said in a prepared statement. “Having renovated a portion of the units, the seller demonstrated the ability to raise rents in Belleville’s increasingly strong rental market.”

The mixed-use property on Joralemon Street is a corner building that includes a restaurant tenant occupying its three retail units, plus an office tenant and four residential units, all currently occupied.

“Both sellers recognized that this was an ideal time to market their investment properties, given the low interest rates and locations in developing areas with strong rental markets,” Scatuorchio said.

Both properties had one purchaser, Kislak noted.

The property at 32 Bloomfield Ave. is also a corner property, including 2,000 square feet of retail space and two 1,100-square-foot residential units.

The property at 160 Bloomfield Ave. is a corner property with a ground-floor office unit that could be converted to residential, and two residential units, as well as six income-generating parking spaces.

“We represented the seller of this property, a former user who delivered the property vacant,” Scatuorchio said. “We were engaged on an exclusive basis, marketed the property widely and sourced a local investor who plans to redevelop the property and bring it to 100% occupancy.”

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