KISLAK COMPLETES $4.2 MILLION NJ AND NY INVESTMENT SALES
Vice President Matt Weilheimer Leads Effort on Behalf of Banks and Private Investors

Woodbridge, NJ, May 21, 2010 - /FLIERWIRE/-- The Kislak Company, Inc., the dominant investment real estate sales firm in the tri-state region, announced the completion of four transactions totaling nearly $4.2 million. Vice president Matt Weilheimer was instrumental in closing the transactions on behalf of several large banks and private investors.

The sales include Vincent Apartments, a 17-unit apartment property with one commercial space in Haddon Heights, New Jersey; a 10,000 square foot former PNC Bank branch in Brick, New Jersey; Roselle Lanes, a 20,000 square foot mixed-use commercial property, in Roselle, New Jersey; and the mortgage and note on a 74-unit apartment property in Erie County, New York.

"I am very proud of Matt's accomplishments in seeing these transactions through to closing," commented Jeffrey Wiener, president and co-managing director. "Matt is consistently one of our leading salespeople and in these transactions he represented several banks as well as a long-time private investor in the disposition of their assets. He quickly procured purchasers for each."

Vincent Apartments sold for $1,462,500. Kislak was selected by the seller to market and sell the property on an exclusive basis and produced several interested parties that made offers to purchase it. "There was real pride of ownership with this property," said Weilheimer. "The property was extremely well-maintained and the seller was very good to the tenants. Upgrades included newer kitchens and bathrooms and an electrical system."

"Given the condition of the property, there was strong interest among investors," said Weilheimer. "We at Kislak continue to generate superior per-unit pricing for multifamily properties. Clients want to invest in multifamily assets."

Vincent Apartments is located very close to Interstate 295 less than two miles from Philadelphia. Tenants are responsible for gas heat, electricity, hot water, and cooking gas; and the landlord has comparatively limited responsibilities. At the time of closing, the property was 100% occupied.

Weilheimer represented the seller and another broker represented the purchaser who obtained a first mortgage from Spencer Savings Bank. The seller was represented by Steven Eisner, Esq. of Haddonfield, New Jersey.

The former PNC Bank branch sold for $900,000. The property includes over 6,900 square feet of usable space with three drive-through lanes on over two acres.

"Kislak was selected by PNC Bank to market and sell the property on an exclusive basis given Kislak's 104-year history of success in and around New Jersey," said Weilheimer. "With interest rates at historically low levels, many tenants are opting to purchase their own buildings instead of renting. That is what occurred here as a local purchaser consolidated his business into this office site." The purchaser was represented by another broker.

Roselle Lanes was a bank-owned property, which sold for $500,000. The Kislak team of Matt Weilheimer and sales associate Ted Brown represented the seller and sales associate Scott Davidovic represented the purchaser, a private investor, in the all cash transaction. Kislak was again selected by the selling bank to market and sell the property on an exclusive basis. Upon procuring the purchaser for the property, the closing occurred five days later.

"Roselle Lanes offered a unique opportunity in that is a significant downtown property in the heart of Roselle," said Weilheimer. "Since the property was bank-owned it was being offered unencumbered by any leases with the opportunity to own and operate the well-known local 16-lane bowling alley. The property also has strong re-development potential." The property includes 90 parking spaces and is located close to the local U.S. Post Office, a CVS and a Walgreen's.

Weilheimer also represented a global financial institution in the $1,320,000 sale of the first mortgage and note on a 74-unit apartment property in Erie County, New York. "This was another relationship-based transaction," said Weilheimer. "We have had a long-term relationship with the selling bank and were given the opportunity to market and sell the note on its behalf. The purchaser was also a long-time Kislak client."

"Given our relationships, we have been handling more and more transactions - both REO property sales and note sales - on behalf of banks," added Wiener. "Many of our clients are in search of bank-owned opportunities. While there is not a 'flood' of these assets in our markets, opportunities are available and we are continuing to meet and exceed our clients' investment needs."

The Kislak Company, Inc., which is headquartered in Woodbridge, New Jersey, is recognized as the dominant investment sales company serving the multifamily and retail markets. Established in 1906, Kislak's market leadership position and longevity is 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 REITs. The firm's 25 professionals provide comprehensive market coverage throughout New Jersey, New York, Pennsylvania and Delaware.