Cobbler Lofts, a 101-unit multifamily property with 12,000 square feet of medical space at 69-75 Sparta Ave. in Newton, has named the Kislak Co. as its exclusive broker.
Kislak’s assignment is being led by Senior Vice President Joseph Keenan, who previously arranged the sale of the property to the seller.
Cobbler Lofts is a historic four-story elevator building. It was a once a shoe factory that was converted into an apartment building. The well-maintained and recently renovated property is centrally located near Newton’s downtown. Residents benefit from the property’s strategic location across from the world headquarters of ThorLabs and a short distance from many area amenities, including shopping, dining and a wide array of outdoor activities.
“With the strength of the multifamily market in northern New Jersey, the continued growth in the local population and employment, the anticipated 2026 completion of NJ Transit’s passenger railroad station in neighboring Andover Township; and recent renovations that cater to a more upscale tenant base, Cobbler Lofts is well-positioned to attract discerning value-add investors given the opportunity to increase rents through additional unit upgrades,” Keenan said.
Recent upgrades to the property include the complete renovation of 84 apartments, two hallways, and the lobby; installation of new roofs with solar panels over the residential and medical buildings; new elevator mechanicals; and the replacement of 100 P-Tech units and 20 water heaters.
