The Pinnacle, a 140-unit multifamily property in Fort Lee – Courtesy: The Kislak Co. Inc.
By Joshua Burd
The Kislak Co. Inc. and Kislak Commercial Real Estate Services Inc. are reporting record investment sales and leasing activity in 2021, closing 242 transactions in six states.
In a news release, the firms said their combined deal volume exceeded $1 billion, including the sale of more than 6,000 residential units and 600,000 square feet of office, retail and industrial properties. The total also includes office, retail and industrial leases amounting to 110,000 square feet.
Along with Kislak’s home state of New Jersey, the activity took place in Pennsylvania, New York, Delaware, Florida and Ohio.
“Throughout 2021, our listing activity and sales were extremely strong with a record number of closings, more than one every other day,” said Robert Holland, president of The Kislak Co. “The multifamily market remains robust throughout the U.S. with demand far exceeding supply. I expect this trend to continue as multifamily along with certain industrial properties remain the preferred asset classes nationwide, and we are experiencing strong growth in the New Jersey and Pennsylvania commercial markets with increased demand from investors and users.”
The firm’s notable 2021 investment deals in New Jersey included the sale of properties such as:
- The Pinnacle, a 140-unit apartment tower in Fort Lee, for $56 million
- An undisclosed 150-unit multifamily property in Middlesex County for $50 million
- An undisclosed 320-unit multifamily property in Gloucester County for $42 million
- An undisclosed 350-unit property with land for development in central New Jersey for $35 million
- An undisclosed 156-unit apartment portfolio in Bergen County for $24.2 million
- Merriam Gateway Apartments, a 101-unit property with 10,000 square feet of commercial space in Newton, for $22.58 million
- Sunnyfield Garden Apartments, a 120-unit property in Linden, for $20.5 million
“We are experiencing unprecedented growth in our core Northeast and Mid-Atlantic markets,” said Jason Pucci, Kislak’s chief operating officer. “On a year-over-year basis, our closed transaction count is up 70 percent and our sales volume has nearly doubled despite low inventory in certain submarkets and recent interest rate fluctuations, which impact our sales. Our team is doing an incredible job despite the challenges we all continue to face.”
Kislak Commercial also highlighted lease and sale transactions completed in 2021, such as:
- The $3.9 million sale of a 44,300-square-foot warehouse and manufacturing facility in Readington
- The $3.4 million sale of a 15,250-square-foot shopping center in Clinton
- The $2.12 million investment sale of a Goodyear Tire Center in Edison
- The $2 million sale of a 15,670-square-foot, seven-acre flex and office park in Flemington
- The $1.035 million sale of a 7,350-square-foot downtown retail store in Bloomfield
- A long-term, 36,000-square-foot warehouse lease for an office furniture company in Branchburg
- A long-term, 10,000-square-foot industrial lease for a packaging manufacturer in Branchburg
“Leasing and sales activity of warehouses and commercial properties continues to be very strong,” said Peter Wisniewski, executive vice president of Kislak’s commercial team. “In fact, we are seeing more adaptive reuses of older properties, build-to-suit leases, and land acquisitions by users for development with little available, modern product in the market right now. The outflow from New York City and other urban markets continue to the suburbs.”