324 West Front St. in Plainfield — Courtesy: NAI DiLeo-Bram & Co.
By Joshua Burd
An investment group is set to build a dozen new apartments inside an existing commercial building in Plainfield, following a sale arranged by NAI DiLeo-Bram & Co.
In a news release, the brokerage firm said it represented the partnership in its purchase of 322-324 West Front St., a 20,000-square-foot structure. The four-story building traded for $1.25 million, with approvals in place for a developer to convert the second, third and fourth floors to apartments.
NAI DiLeo-Bram Senior Vice President Marc Shein brokered the deal on behalf of both the seller, MAP Front LLC, and the buyer.
I am pleased to have completed the sale of this property in this busy neighborhood in Plainfield,” Shein said. “With the ground-floor fully leased to a supermarket tenant, and the rent potential for 12 new residential tenants, this building was the ideal investment for the new owners.”
The buyer’s plans call for a mix of studio, one-bedroom and two-bedroom homes. Shein added that the property sits within a federal Opportunity Zone, providing potential tax benefits to its new owners, and is steps from NJ Transit bus service.
It’s also minutes from the Plainfield train station and close to retailers such as Dunkin’, McDonald’s, PNC Bank, Chase Bank and Dollar General.
