860 Springfield Road in Union Township — Courtesy: NAI DiLeo-Bram & Co.
By Joshua Burd
A floor coating distributor has acquired a 24,000-square-foot industrial building in Union Township for $6 million, in a newly announced deal by NAI DiLeo-Bram & Co.
Brokers with the firm represented the privately held buyer in the transaction at 860 Springfield Road, noting they closed the acquisition before the property went to auction. The sale provides a new home for the fast-growing business, one that has quick access to Route 22, the Garden State Parkway and the New Jersey Turnpike and allows direct routes to Port Newark-Elizabeth and New York City.
NAIDB Vice President Richard Goski and Associate Vice President Catherine Goski-Vasquez completed the deal for the longtime client. The father-daughter duo also secured the distributor’s previous location four years ago.
“By keeping in constant contact with our clients and learning about their needs, as well as our daily monitoring of available properties, we are able to offer on- and off-market opportunities that are difficult to acquire in this tight market,” Goski-Vasquez said.
According to the brokers, the transaction highlights continued owner-user interest in small- to midsized industrial assets across northern and central New Jersey.
“My father and I have really focused our efforts on the greater Union County market,” said Goski-Vasquez, who noted the team specializes in identifying, leasing and selling industrial as well as office and retail properties. “We find there is continued high demand for these standalone industrial buildings within close proximity to major thoroughfares and the ports.”
NAIDB added that, while industrial property sale prices have generally been moderating over the past six months, the demand for industrial space, especially standalone properties under 25,000 square feet, remains robust due to limited availability.
“Scarcity creates value beyond measure,” Goski said. “In the absence of readily available options, even amidst economic headwinds, the fundamental need for industrial space persists.”
