Kislak arranges sale/leaseback of West Orange building

By Eric Strauss
West Orange | Apr 29, 2020 at 10:48 am

New York Community Bank has sold a medical/office building in West Orange and leased back a portion of the property, real estate firm the Kislak Co. Inc. announced this week.

New York Community Bank sold the 48,000-square-foot Class B building at 622 Eagle Rock Ave. to 622 Eagle Rock Avenue Realty for an undisclosed amount, Woodbridge-based Kislak noted. The three-story property has multiple tenants in suites ranging from 700 square feet to 4,040 square feet.

Matt Weilheimer, senior vice president, represented the seller on an exclusive basis.

“We were retained on an exclusive basis and were able to lease three suites and then complete the sale of the property,” he said in a prepared statement. “The demand for medical space in West Orange is very strong.”

Current tenants average 10 years in the building, Kislak said, including JAG One Physical Therapy and Garden State Community Bank.

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