Kislak brokers $8M sale of 4 Jersey Shore multifamily properties

A total of 45 residential units and 8,317 square feet of retail space across four investment properties traded in Belmar, Toms River and Little Egg Harbor last week, according to ROI-NJ. The Kislak Company, a Woodbridge-based brokerage, represented the seller in all four transactions, which sold for a combined $7.5 million. Kislak said one property at 34-38 Main Street in Toms River consisting of 12 one and two-bedroom units and 5,288 square feet of retail space traded for $2.4 million. Two properties in Little Egg Harbor — a 20-unit condominium property located at 19 Pine Valley Court and a seven-unit property at 158 Oak Lane — sold for $1.6 million and $975,000, respectively. The largest of the four trades was in Belmar, where six residential units and 3,029 square feet of retail space at 701 Main Street traded for $2.5 million. According to a report from Colliers International, retail asking rents in Ocean County closed last year at an average asking rent of $18.72 per-square-foot. Colliers noted that the Eastern Monmouth County submarket reached the highest average asking rents in Central New Jersey at $26.54 per-square-foot. [ROI-NJ]