NAI DiLeo-Bram & Co. brokers $13.125M sale of premier industrial asset in Kenilworth

NAI DiLeo-Bram & Co. (NAIDB) has successfully orchestrated the $13.125 million sale of 651 Michigan Ave., a 26,000 square-foot industrial building located on a 2.02-acre site in Kenilworth, NJ. Two separate brokerage teams within the firm collaborated to finalize the sale on behalf of the seller, Magni America, and procure the buyer, Ridgecut Road, in the off-market transaction.

Vice President Richard Goski and Associate Vice President Catherine Goski-Vasquez (Team Goski), represented the seller, with whom they worked on the original land acquisition for development. After acquiring the site, Magni razed an existing legacy structure to build the current 26,500-square-foot, state-of-the-art industrial warehouse and office space facility. Completed in 2024, the building boasts high-end finishes and a flexible layout engineered to support modern, maintenance- and service-oriented operations.

According to Goski, in the interim Magni recognized the intense submarket demand for premium Class A space and chose to utilize other owned sites for its storage needs. This prompted a pivot from an owner-occupant model to a leasing program, for which Magni re-engaged Team Goski.

“Kenilworth remains a strong industrial submarket in Union County, and this facility is a great example of a well-located, highly functional flex asset,” said Goski-Vasquez. “What truly distinguishes this property, however, is its distinct design; the interior features ultra-modern architectural elements and curated furnishings that elevates it from a ‘standard’ environment into a sophisticated, high-end professional space.”

During the subsequent marketing phase, the high-end nature of the newly completed facility also sparked competitive, off-market sales inquiries. As a result, NAIDB Vice Presidents Kyle Gerace and Christopher Chiusolo generated a winning offer from a buyer expanding its regional logistics and low-coverage industrial portfolio.

Magni ultimately accepted the offer and is remaining in place as the tenant for a portion of the property, according to NAIDB.

“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.”

Located within 10 miles of the Goethals Bridge and Newark Liberty International Airport, the property offers immediate access to a dense consumer base and key regional transport nodes including I-78, the Garden State Parkway and the New Jersey Turnpike.

Features at 651 Michigan Ave., include two levels of office space totaling 10,000 square feet and a 16,000-square-foot warehouse with 35-foot clear ceilings. Functional highlights include five drive-in doors and a 10-ton crane, providing the specialized utility required by modern distribution and light manufacturing users.

The transaction highlights NAIDB’s nationally recognized expertise in the industrial sector. The firm specializes in the full spectrum of industrial properties, ranging from small-bay facilities serving local and regional businesses to Class A, corporate-quality warehouse/logistics/distribution centers. By combining local market intelligence with a broad service platform, NAIDB continues to drive value for clients across industrial as well as retail, office and multifamily assets and land development.