NAI DiLeo-Bram & Co. on Thursday said it successfully sold 651 Michigan Ave. in Kenilworth for $13.125 million. The asset is a 26,000-square-foot industrial facility situated on a 2.02-acre site.
The transaction was an off-market deal involving a unique collaboration between two of the firm’s brokerage teams. Representing the seller, Magni America, were Vice President Richard Goski and Associate Vice President Catherine Goski-Vasquez (Team Goski). The buyer, Ridgecut Road, was procured by NAIDB Vice Presidents Kyle Gerace and Christopher Chiusolo.
The property represents a significant redevelopment project. Magni America originally acquired the land, razed an existing legacy structure, and completed the current state-of-the-art facility in 2024.
Designed for high-end functionality, the building features 10,000 square feet of office space across two levels and a 16,000-square-foot warehouse with 35-foot clear ceilings. Notable industrial amenities include five drive-in doors and a 10-ton crane, making it highly suitable for modern light manufacturing and specialized logistics.
“What truly distinguishes this property is its distinct design; the interior features ultra-modern architectural elements and curated furnishings that elevate it from a ‘standard’ environment into a sophisticated, high-end professional space,” Goski-Vasquez said.
The facility’s strategic location—within 10 miles of Newark Liberty International Airport and the Goethals Bridge, with immediate access to I-78, the Garden State Parkway, and the New Jersey Turnpike—drew intense interest from investors looking for Class A industrial assets in Union County.
While the property was sold, the seller, Magni America, will remain in place as a tenant, occupying a portion of the building.
“This property checked a number of key boxes for the buyer, especially in terms of location and scale,” Gerace. said “It represents a strong addition to their portfolio and shows the continued appetite for high-quality Class A Industrial Outdoor Storage Facilities in the Union County submarket.”
This sale further cements NAIDB’s reputation for handling high-value industrial transactions in the New Jersey market, balancing the needs of local owner-occupiers with those of institutional investors.
