281 Centennial Ave. in Piscataway — Courtesy: NAI DiLeo-Bram & Co.
By Joshua Burd
A forklift dealer is expanding to Piscataway after acquiring a more than 41,000-square-foot facility just south of Interstate 287, brokers with NAI DiLeo-Bram & Co. said Wednesday.
The buyer, Eastern Lift Truck Co. Inc., paid $10.5 million in the deal at 281 Centennial Ave., allowing it to secure a well-maintained space in a region characterized by high barriers to entry, according to a news release. NAIDB Principal Robert J. DiLeo, Vice President Kyle Gerace and Associate Vice President Robert V. DiLeo represented the seller, Binsky & Snyder, noting that the 41,309-square-foot building has high-utility features sought by modern industrial users.
“This transaction underscores the continued demand for industrial assets in the Piscataway market,” Robert V. DiLeo said. “The property’s location and functional layout made it a desirable acquisition for Eastern Lift Truck Co. as they expand their footprint. Our targeted marketing strategy generated strong interest from a broad group of qualified buyers, allowing us to deliver an optimal result for our client.”
The brokerage team announced the deal Wednesday while noting that Piscataway remains a cornerstone of the New Jersey industrial market, benefiting from its proximity to major distribution arteries, including I-287, the New Jersey Turnpike and Port Newark-Elizabeth. The sale of 281 Centennial Ave. reflects the ongoing demand for midsized industrial properties that offer easy access throughout New Jersey and the region, NAIDB added.
