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News Release: Kislak completes sale and partial lease-back of 48,000 s.f. medical/office building in Essex County, N.J.

S.V.P. Matt Weilheimer Manages Exclusive Transactions

Woodbridge, N.J., April 28, 2020 – The Kislak Company, Inc. announced the recent sale and partial lease back of a 48,000 S.F medical/office building at 622 Eagle Rock Avenue in West Orange, Essex County, New Jersey. The price and terms were not disclosed.

Kislak represented the seller, New York Community Bank, a longtime client, on an exclusive basis with senior vice president Matt Weilheimer handling the assignment.

Built in 1988, the three-story, multi-tenanted, class B medical/office building had multiple suites ranging in size from 700 S.F. to 4,040 S.F. at the time of marketing. “We were retained on an exclusive basis and were able to lease three suites and then complete the sale of the property.  The demand for medical space in West Orange is very strong,” said Mr. Weilheimer.

Current tenants have occupied the building on an average of over 10 years, with JAG One Physical Therapy being a major tenant along with Garden State Community Bank. The well-maintained property was owned and managed by the former landlord for approximately 12 years.

Located near the intersection of Eagle Rock Avenue and Pleasant Valley Way, the property is situated west of the downtown in one of West Orange’s four distinct neighborhoods which have become increasingly suburban in the last 10 years. Nearby, JP Morgan Chase Bank, Regal Bank and Valley National Bank have branches in an area with an already strong, local employment base. Less than 20 miles from Manhattan, the property has convenient access to Routes 280 and 287, the Garden State Parkway and the New Jersey Turnpike.

Mitch Katz, represented the purchaser, 622 Eagle Rock Avenue Realty.

Mr. Weilheimer joined Kislak in 1996 and is consistently among the firm’s leading salespeople. He specializes in the sale of apartment buildings, REO assets and other investment properties in New Jersey, New York, Delaware and Pennsylvania. He has won numerous sales production awards including the firm’s 2010 and 2015 Production awards.

About The Kislak Company, Inc.
The Kislak Company, Inc., which is headquartered in Woodbridge, New Jersey, is a leading commercial real estate brokerage firm consistently recognized for its investment sales success. Established in 1906, Kislak’s market leadership position and longevity are due to its ability to offer clients a personalized, hands-on approach, coupled with the unrivaled expertise of its long-tenured team of professionals. Kislak’s prestigious client base includes individual investors and owners, partnerships, financial institutions, and REITs. The firm’s 35 professionals provide comprehensive market coverage throughout New Jersey, New York, Pennsylvania and Delaware.

Now in its 114th year, Kislak was among a select group of firms recognized as a 2019 Power Broker by CoStar Group, Inc. and this was the firm’s 14th consecutive recognition.

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