Central New Jersey’s highly competitive infill industrial market continues to see strong transaction volume. Real estate brokerage firm NAI DiLeo-Bram & Co. (NAIDB) on Tuesday announced the successful sale of two industrial assets in South Plainfield for approximately $4 million.
The portfolio trade comprises two standalone flex-industrial buildings totaling 12,250 square feet situated on a combined 1.86 acres. The properties are located at 4219 S. Clinton Avenue (a 5,250-square-foot facility) and 105-114 Saint Nicholas Avenue (a 7,000-square-foot facility).
The NAIDB brokerage team of Vice Presidents Kyle Gerace and Christopher Chiusolo, alongside Associate Sweemit Goswami, represented the seller, Approved Fire Protection, in the transaction. The buyer, an unnamed real estate player that owns multiple neighboring properties in the immediate corridor, plans to absorb the square footage into its local footprint.
The disposition of the South Plainfield assets marks a critical strategic milestone for Approved Fire Protection. Proceeds from the $4 million sale will immediately fund a 1031 tax-deferred exchange into a larger commercial property located at 85 Commerce Drive in Somerset—a target relocation site also identified and transacted by the NAI DiLeo-Bram team.
What is a 1031 Exchange?
A real estate transaction structure named under Section 1031 of the Internal Revenue Code. It allows a business or investor to defer paying capital gains taxes on a property sale by reinvesting all proceeds into a “like-kind” replacement property.
“We were thrilled to represent Approved Fire Protection throughout both its expansion and the sale of its South Plainfield properties,” Chiusolo said. “The collaboration with the team at Approved was seamless and productive. Finalizing this sale allows them to move forward with their 1031 exchange into the Somerset property we identified on their behalf.”
