357 Millburn Ave. in Milburn — Courtesy: The Kislak Co. Inc.
By Joshua Burd
A family ownership group has sold an apartment and retail building in Millburn for $4 million, in a newly announced deal by The Kislak Co. Inc.
The brokerage firm’s Jeff Squires represented the seller, P&D Partners LP, noting that the property at 357 Millburn Ave. includes 15 residential units and four retail spaces. He also procured the buyer, Walton Millburn LLC, in the off-market transaction.
Lasser Hochman LLC and Falk, Flotteron and Davidson LLP provided legal representation for the seller and buyer, respectively. Jared Sobel of Walker & Dunlop originated agency financing.
“Multifamily properties in premier locations such as the Short Hills area rarely come on the market,” said Squires, a managing director with Kislak. “This property had been owned by the same family for over 50 years spanning two generations. Kislak quickly procured a purchaser who agreed to move forward on a noncontingent basis with a fast closing. They appreciated the unique opportunity to acquire a multigenerational asset in one of New Jersey’s most exclusive downtown locations. The sales price of $200,000 per unit demonstrates investors’ appetite for well-positioned assets.”
Built in 1927, the three-story brick building has 15 one- and two-bedroom apartments on the top floors with four high-end retailers on the ground level, according to a news release. Kislak added that the 12,871-square-foot building has undergone significant renovations over the years with new kitchen cabinets and appliances, as well as updated bathroom tiles and fixtures.
The fully occupied property is also minutes from Route 24 and Interstate 78, while residents are in the middle of the downtown shopping district, near two arboretums and a short drive from the Mall at Short Hills.
