700 Main St. in Asbury Park and 593 Broadway in Long Branch — Courtesy: The Kislak Co. Inc.
By Joshua Burd
Two mixed-use buildings in Monmouth County have changed hands for a combined $3.6 million, in a set of newly announced deals by The Kislak Co. Inc.
According to the firm, the trades include the $2.2 million sale of 700 Main St. in Asbury Park, the site of four luxury apartments and 3,300 square feet of retail space. Kislak Senior Vice President Daniel Lanni marketed the three-story property on behalf of an undisclosed seller, procuring a privately held investor as the buyer.
“This fully renovated downtown building attracted a wide range of investors through our marketing efforts,” Lanni said. “We procured multiple offers and achieved the best value including a record per unit price for this type of property. The motivated buyer was in need of a Section 1031 exchange and held at the purchase price despite the challenging interest rate environment.”
The Kislak broker also represented the seller in the second deal, at 593 Broadway in Long Branch, where a buyer paid $1.4 million for a two-story building with five residential units and four retail spaces totaling 4,000 square feet. He noted that the property is in the city’s downtown, offering parking in the rear of the building.
“Interest in Long Branch remains very strong,” Lanni said. “The earlier addition of Pier Village to and the continued redevelopment of the oceanfront spurred investor interest throughout the city. This well-located downtown property was owned by the same family for over 30 years, and we procured an all-cash buyer who intends to renovate it and benefit from the city’s renaissance.”