NAI DiLeo-Bram arranges $3.8M sale of 40,000 sq. ft. industrial property in Garwood

NAI DiLeo-Bram & Co. arranged the $3.8 million sale of a 40,000-square-foot mixed-use property located in Garwood, according to a Wednesday announcement.

The NAIDB brokerage team of Vice President Richard Goski and Associate Vice President Catherine Goski-Vasquez exclusively represented the seller in the trade involving 37,000 square feet of warehouse and 3,000 square feet of office space.

Located at 15-31 North Ave. E., the property, which occupies 1.63 acres at a signaled intersection, also includes a longstanding ice cream store. The borough of Garwood offers ease of connectivity to the region’s multimodal transit infrastructure, including Port Newark-Elizabeth, the New Jersey Turnpike, Garden State Parkway, Interstate 78 and Routes 1/9 and 22.

The buyer — a local company — has plans to make several improvements to the property and is marketing the facility for lease in early 2023 through NAIDB, as the exclusive leasing agent. Team Goski has sold over 6 acres on North Avenue in Garwood alone during the past four years.

In 2018, the brokerage team also arranged the sale of an adjacent 120,000-square-foot paper mill at 75-93 North Ave. to Garden Homes. The property is slated for multifamily and self-storage redevelopment.

“Warehouse/distribution/light industrial investment and leasing activity have been extremely robust over the course of the past two years in this geographic region, and we expect it to remain as such regardless of any major economic shifts,” Goski-Vasquez said. “New Jersey’s industrial sector is a pipeline for sustained blue- and white-collar job creation, which speaks to the strength of logistics as a key contributor in the state’s diverse economy.”