By Joshua Burd
An investor has sold an apartment property in central New Jersey for $11 million, in the first piece of a two-leg transaction arranged by The Kislak Co. Inc.
In a news release, the firm said it represented the seller in its disposition of the undisclosed property. The investor then purchased a Wawa food market and gas station under construction at 7878 N.W. 103rd St. in Hialeah Gardens, Florida, for $11.575 million as part of a Section 1031 like-kind exchange under the Internal Revenue Code.
Kislak Senior Vice President Justin Lupo and Chief Operating Officer Jason Pucci brokered the transactions. The buyer of the New Jersey property is also a longtime client.
“These sales were excellent opportunities for our clients,” Pucci said. “The seller of the New Jersey property exchanged a long held older apartment complex into a well-located (triple-net leased) Wawa, which is a strong tenant, with zero landlord responsibilities. The purchaser of the New Jersey property added a value-add property to its growing portfolio of properties in the Northeast and Mid-Atlantic.”
