Kislak Closes $39 Mil in Retail Deals in Three States

WOODBRIDGE, NJ-The retail deals in question total 400,000 sf of retail space and are worth more than $39 million. They cross the borders of three states, and collectively represent a recent spike of activity by the Kislak Co., based here, one of New Jersey’s most active real estate brokerage firms.

Indeed, Kislak has emerged as a major player in the retail sector in the Garden State, a byproduct of the fact that retail space is hot in a state that is the most densely populated and is either the second or third wealthiest, depending on the yardstick. “Our sales figures have risen to the billions in recent years,” confirms Kislak president Jeffrey Wiener.

The recent deal-making activity includes everything from a freestanding 5,000-sf masonry building tenanted by West Coast Video in Kearny, to a four-property package in New England. The first part of that package includes the more than 112,000-sf Wintonbury Mall in Bloomfield, CT and the 112,000-sf Hale Road Plaza in Manchester, CT, both in the Hartford area. The rest of the package involves the Christmas Tree Shops in North Attleboro, MA and the 59,330-sf Cumberland Avenue Plaza, also in North Attleboro. The latter is a newly constructed property.

The buyers and sellers of the various properties, as well as the individual sales prices, were not announced. The combined value of approximately $39 million, however, would put the combined deals close to the $100 per sf range.

“The market is excellent,” Wiener says, “but it calls for an aggressive approach.”

Kislak is also one of the oldest real estate firms in New Jersey, dating back to 1906. The company is primarily involved in the sale of investment properties for individuals, partnerships and financial institutions, and also provides mortgage and leasing services.