Well-known South Orange property sells for $11.6M

By Eric Strauss
South Orange | May 8, 2020 at 4:06 am

A mixed-use office and retail property in South Orange has been sold for $11.6 million, according to real estate firm the Kislak Co. Inc.

South Orange Square, a 31,000-square-foot property at the corner of South Orange Avenue and Scotland Road/Valley Road, includes 21,000 square feet of retail space, 9,000 square feet of second-story office space and 1,000 square feet of storage.

Woodbridge-based Kislak was the exclusive marketer of what it called an “iconic” property, with Executive Vice President Joni Sweetwood handling the assignment for the seller, a longtime client. Neither the seller, nor the buyer, another longtime client, were disclosed.

Tenants at the property include Verizon, Investors Bank and the South Orange Pharmacy. The property was 98% leased at the time of closing.

Abe Schonfeld of Meridian Capital Group arranged financing with Spencer Savings Bank.

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