South Orange Square at 67-81 South Orange Ave. and 3-11 Scotland Road in South Orange — Courtesy: The Kislak Co.
By Joshua Burd
A mixed-use property in downtown South Orange has changed hands for $11.6 million, in a newly announced transaction by The Kislak Co.
The property, which spans 31,000 square feet, is an office and retail building at 67-81 South Orange Ave. and 3-11 Scotland Road. Kislak Executive Vice President Joni Sweetwood marketed the asset on behalf of a longtime client.
In a news release, the firm noted that the buyer was also a longtime and multigenerational client. It also touted the building’s location at what it says is the most visible and heavily trafficked corner in South Orange, providing a short walk to the township’s train station.
The building known as South Orange Square includes 21,000 square feet of retail space, 9,000 square feet of second-story office space and 1,000 square feet of storage rooms, all with high occupancy histories, Kislak said. Tenants include Verizon, Investors Bank and the South Orange Pharmacy.
At the time of closing, the property was 98 percent leased.
Abe Schonfeld of Meridian Capital Group arranged financing with Spencer Savings Bank. Kislak noted that Sweetwood also recently sold another nearby South Orange property, which Schonfeld also financed with Spencer, to the same purchaser.