Garwood, N.J. – In Union County, NJ, where long-term market fundamentals continue to fuel solid performance within the industrial sector, NAI DiLeo-Bram & Co. (NAIDB) has arranged the $3.8M sale of a 40,000-SF mixed-use property located at 15-31 North Ave. East in Garwood. The NAIDB brokerage team of Vice President Richard Goski and Associate Vice President Catherine Goski-Vasquez exclusively represented the seller in the trade involving 37,000SF of warehouse and 3,000SF of office space.
The property, which occupies 1.63 acres at a signaled intersection, also includes a long-standing ice cream store. The borough of Garwood offers ease of connectivity to the region’s multi-modal transit infrastructure, including Port Newark-Elizabeth, the NJ Turnpike, Garden State Parkway and Routes 78, 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 six 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-SF papermill 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,” said Goski-Vasquez. “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.”
Since joining NAIDB, Goski and Goski-Vasquez have completed 100+ sale and lease transactions exceeding 900,000 SF. Collectively, their well-rounded expertise extends from industrial, office and retail properties to land sales. Known for their proficiency in orchestrating transactions that involve contaminated property sites, Goski and Goski-Vasquez also collaborate with public officials and developers to focus on transit-village redevelopment projects.