PARSIPPANY — The Kislak Company announced the $4,375,000 sale of Colony Plaza, a 40,000-square-foot mixed-use office and retail property located at 1180-1220 Route 46.
Kislak marketed the property on an exclusive basis on behalf of the seller, a private investor, with sales associate Tom Scatuorchio and senior vice president Matt Weilheimer handling the assignment. Mr. Scatuorchio also procured the purchaser, another private investor.
“Our close relationships with both the seller and purchaser enabled us to utilize creative solutions to overcome several complicated hurdles in order to ultimately close the transaction,” said Mr. Scatuorchio. Mr. Weilheimer added: “In my 25 years selling real estate, I have never seen so many complex challenges to closing a deal. It is a credit to the seller and purchaser and their professionalism that we were able to cross the finish line.”
Situated on a 3.2-acre site, the property consists of three existing buildings with a total of 40,000 square feet of office and retail space in a B-2 Zoning Highway Development District. A corner location with an AADT of 23,007, and easy access to the major highways of Routes 10 and 287, the property is surrounded by major national brand tenants such as Target, Michaels, LA Fitness, Shop Rite, Staples and Bed Bath & Beyond.
Morris County, one of the wealthiest counties in the nation, and home to over 30 Fortune 500 businesses with headquarters, offices or a major facility therein, is host to other major industries including finance, health services, insurance, pharmaceuticals, real estate, R&D, and technology.
Tom Scatuorchio joined Kislak in 2016 and specializes in the sale of multifamily and other investment properties in Morris and Essex counties. In 2017, he was awarded Kislak’s Rising Star award.
Matt 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.
The Kislak Company, Inc., headquartered in Woodbridge, 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.
