NAI DiLeo-Bram & Co. said Thursday that Marc Shein, senior vice president, recently closed on the sale of a 20,000-square-foot mixed-use building in Plainfield for $1.25 million.
Shein represented both the seller, MAP Front LLC, and the buyer in this transaction. The building was sold to a private investment partnership.
Located at 322-324 W. Front St., the asset is situated in an Opportunity Zone. Approvals are currently in place for 12 apartments to be constructed on the existing second, third and fourth floors of the property. The redevelopment will consist of three two-bedroom; six one-bedroom; and three studio apartments.
322-324 W. Front St. is just steps away from New Jersey Transit bus stops and only a few minutes from the Plainfield Train Station. Surrounding retailers include Dunkin’ Donuts, McDonald’s, PNC Bank, Chase Bank and Dollar General.
“I am pleased to have completed the sale of this property in this busy neighborhood in Plainfield,” Shein said. “With the ground floor fully leased to a supermarket tenant, and the rent potential for 12 new residential tenants, this building was the ideal investment for the new owners.”