Persistence paid off for the Kislak Company Inc. and its client in the recent $5.8 million sale of a retail and warehouse property on busy Route 9 in Freehold, Monmouth County.
“This sale highlights the importance of staying committed to your clients beyond a single listing cycle,” Kislak Senior Vice President Daniel Lanni explained in a statement.
“I initially met the owner years ago, and although we were unsuccessful in achieving a sale at that time, we maintained the relationship and continued to monitor the market. When the property was reintroduced, we leveraged strong investor demand, created a competitive environment, and successfully brought the transaction to closing with a (IRS Section) 1031 exchange buyer,” Lanni said.
Anchored by Sherwin-Williams, the 3440 Route 9 property is fully occupied and consists of 25,845 square feet of retail and warehouse space.
“Freehold continues to attract investor interest due to its strategic location within Monmouth County, strong demographics, and convenient access to major transportation routes throughout Central New Jersey. Properties offering stable tenancy, long-term lease structures, and recent capital improvements remain among the most desirable investment opportunities in the region,” according to the announcement from Kislak, a real estate brokerage firm based in Woodbridge, Middlesex County.
Recent capital improvements at the retail/warehouse complex include a new thermoplastic polyolefin roof, five new HVAC units, a renovated façade with new windows, doors, signage, and a monument sign, as well as extensive site upgrades. Improvements to the grounds include a new dumpster enclosure, sidewalks, landscaped islands, upgraded lighting, and enhancements to both the front and rear parking areas.
