The Kislak Co. said 2021 was a good year. The Woodbridge-based commercial real estate services firm reported Wednesday record investment and commercial sales and leasing activity throughout the year, closing 242 transactions in New Jersey, Pennsylvania, New York, Delaware, Florida and Ohio.
Kislak’s total transaction volume exceeded $1 billion and included the sale of more than 6,000 residential units and 600,000 square feet of office, retail and industrial properties and the leasing of 110,000 square feet of office, retail and industrial space.
“Throughout 2021, our listing activity and sales were extremely strong, with a record number of closings, more than one every other day,” Kislak President Robert Holland said. “The multifamily market remains robust throughout the U.S., with demand far exceeding supply. I expect this trend to continue, as multifamily, along with certain industrial properties, remain the preferred asset classes nationwide, and we are experiencing strong growth in the New Jersey and Pennsylvania commercial markets with increased demand from investors and users.”
“We are experiencing unprecedented growth in our core Northeast and mid-Atlantic markets,” said Jason Pucci, chief operating officer. “On a year-over-year basis, our closed transaction count is up 70% and our sales volume has nearly doubled despite low inventory in certain submarkets and recent interest rate fluctuations, which impact our sales. Our team is doing an incredible job despite the challenges we all continue to face.”
Peter Wisniewski, executive vice president of Kislak’s commercial team, added: “Leasing and sales activity of warehouses and commercial properties continues to be very strong. In fact, we are seeing more adaptive reuses of older properties, build-to-suit leases and land acquisitions by users for development with little available, modern product in the market right now. The outflow from New York City and other urban markets continue to the suburbs”
Notable investment sales transactions completed in 2021 include:
- The $65 million sale of a 600-plus-unit multifamily portfolio in eastern Pennsylvania;
- The $56 million sale of the Pinnacle, a 140-unit multifamily property in Fort Lee;
- The $50 million sale of a 150-unit multifamily property in Middlesex County;
- The $42 million sale of a 320-unit multifamily property in Gloucester County;
- The $40 million sale of a 230-unit multifamily property in Lancaster County, Pennsylvania;
- The $40 million sale of a 260-unit multifamily property in Dutchess County, New York;
- The $35 million sale of a 350-unit property with land for development in Central Jersey;
- The $24.2 million sale of a 156-unit multifamily portfolio in Bergen County;
- The $22.75 million Section 1031 exchange of a multifamily property in central New Jersey for a triple-net-leased ground lease in south Florida;
- The $22.58 million sale of Merriam Gateway Apartments, a 101-unit multifamily property with 10,000 square feet of commercial space, in Newton; and
- The $20.5 million sale of Sunnyfield Garden Apartments, a 120-unit multifamily property in Linden.
Notable commercial leasing and sale transactions completed in 2021 in New Jersey include:
- The $3.9 million sale of a 44,300-square-foot warehouse/manufacturing facility in Readington;
- The $3.4 million sale of a 15,250-square-foot shopping center in Clinton;
- The $2.12 million investment sale of a Goodyear Tire Center in Edison;
- The $2 million sale of a 15,670-square-foot contractor’s flex/office park on 7 acres in Flemington;
- The $1.035 million sale of a 7,350-square-foot prime downtown retail store in Bloomfield;
- The 36,000-square-foot long term warehouse lease for an office furniture company in Branchburg; and
- The 10,000-square-foot long term industrial lease for a packaging manufacturer in Branchburg.