15-31 North Ave. East in Garwood — Courtesy: NAI DiLeo-Bram & Co.
By Joshua Burd
A local investor has purchased a 40,000-square-foot commercial property in Garwood for $3.8 million, according to brokers with NAI DiLeo-Bram & Co.
Located at 15-31 North Ave. East, the building includes 37,000 square feet of warehouse and 3,000 square feet of office space. The undisclosed buyer now plans to improve the 1.63-acre property and market the facility for lease in early 2023, NAIDB said, adding that the site also includes a longstanding ice cream store.
NAIDB Vice President Richard Goski and Associate Vice President Catherine Goski-Vasquez represented the seller in the transaction, having sold more than six acres on North Avenue in Garwood during the past four years. The firm will also serve as the property’s leasing team.
“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.”
In announcing the deal, NAIDB noted that Garwood provides easy access to the region’s multimodal transit network, including Port Newark-Elizabeth, the New Jersey Turnpike, the Garden State Parkway, Interstate 78 and routes 1&9 and 22.