614-618 Mill St. in Belleville — Courtesy: The Kislak Co. Inc.
By Joshua Burd
Four properties in Essex County have changed hands for a combined $5.135 million, following a set of transactions brokered by The Kislak Co. Inc.
The deals include the sale of 614-618 Mill St. in Belleville, a trio of two-story brick buildings with a total of 18 apartments, Kislak said. The firm highlighted recent renovations and rent increases at the properties and their proximity to schools, parks and the mixed-use Park 11 Belleville project across from Clara Mass Medical Center.
“This property sold for one of the highest per-unit prices in Belleville due to its excellent condition and proximity to the hospital and new development sites,” said Tom Scatuorchio, a Kislak sales associate. “Having renovated a portion of the units, the seller demonstrated the ability to raise rents in Belleville’s increasingly strong rental market.”
Scatuorchio also brokered the other sales, which include 253 Joralemon St. in Belleville. The mixed-use corner property is home to a restaurant and an office tenant on the ground floor and four residential units on the second floor, Kislak said, noting that the property traded as part of a 1031 exchange.
In Bloomfield, Scatuorchio inked the sale of 32 Bloomfield Ave., which consists of 2,000 square feet of retail space and two 1,100-square-foot residential units. Kislak said the property is within two blocks of new retail and residential development sites, close to the Garden State Parkway and within walking distance of public transit.
Like the Belleville property, Kislak said the retail and residential rents at 32 Bloomfield are below market and presented a value-add opportunity for the buyer.
Scatuorchio worked with Kislak Senior Vice President Matt Weilheimer to complete the sale of the fourth property, 160 Bloomfield Ave. Located on a busy corner in the township, the property has two residential units and one ground-floor office space that Kislak said could be converted to a third apartment.
“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 percent occupancy.”
