75-93 North Ave. in Garwood — Courtesy: NAI DiLeo-Bram & Co.
By Joshua Burd
The owner of a 120,000-square-foot industrial building in Garwood has sold the property, paving the way for a potential redevelopment just steps from the borough’s train station.
Brokers with NAI DiLeo-Bram & Co. announced that Mafcote Industries has sold the parcel, 75-93 North Ave., for an undisclosed price. The 4.5-acre site is along both an NJ Transit bus line and the Raritan Valley rail line, they said, noting that it also benefits from a location between the popular commuter towns of Westfield and Cranford.
NAI DiLeo-Bram’s Richard and Catherine Goski represented both the seller and the buyer, Garden Homes. They said the property, which drew multiple bidders, is slated for a 120-unit residential redevelopment that will likely feed off the success of projects in the neighboring towns.
“Situated one and two train stops closer to (New York City) than Westfield, Garwood and Cranford are fast becoming New Jersey’s hottest up-and-coming towns,” NAI DiLeo-Bram said in a news release, noting that the towns offer transit-oriented rentals with access to Newark, Jersey City and Manhattan and a vibrant downtown bar and restaurant scene.
The brokers with the Piscataway-based firm are now marketing redevelopment site, spanning about three-quarters of an acre, at 24 South Ave. East in Cranford. The site is about a block from the township’s train station.
