Cobbler Lofts at 69-75 Sparta Ave. in Newton — Courtesy: The Kislak Co.
By Joshua Burd
A historic complex with 101 loft-style apartments and medical office space is on the market for sale in Sussex County, in a newly announced offering by The Kislak Co.
According to the brokerage team, Cobbler Lofts in Newton is a former shoe factory that was converted and benefits from its proximity to the town’s central business district and to the world headquarters of Thorlabs Inc. The four-story property at 69-75 Sparta Ave. is also close to shopping and dining options and a range 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,” said Joseph Keenan, a senior vice president with Woodbridge-based Kislak.
Keenan, who is representing the would-be seller, noted that the property’s recent upgrades include the complete renovation of 84 apartments, two hallways and the lobby. The owner has also installed new roofs with solar panels over the residential and medical buildings, installed new elevator mechanicals and replaced 100 PTAC units and 20 water heaters.
The complex’s medical space totals 12,000 square feet, Kislak said, adding that Newton is the county seat of Sussex County and sits roughly 60 miles northwest of New York City.
