M id A tlantic Real Estate Journal — Owners, Developers & Managers — December 24, 2021 - January 20, 2022 — 15C
O wners , D evelopers & M anagers
Three floors approved for twelve apartment redevelopment NAI DiLeo-Bram & Co.’s Marc Shein closes sale of 20,000 s/f mixed-use building in Plainfield, NJ
LAINFIELD, NJ — NAI DiLeo-Bram & Co. , announced that Marc Shein , senior vice presi- dent, recently closed on the sale of a 20,000 s/f mixed-use building located at 322-324 W. Front St. in Plainfield. Shein represented both the seller, MAP Front LLC, and the buyer in this transaction. The building was sold to a private investment partnership. The sale price was $1.25 million. Approvals are currently in place for twelve apartments to be constructed on the existing second, third and fourth floors of the property. The redevelop- ment will consist of three two- bedroom; six one-bedroom; P N AI Summit’s Magasich reps. landlord in
and three studio apartments. “I am pleased to have com- pleted the sale of this property in this busy neighborhood in Plainfield,” said Shein. “With the ground floor fully leased to a supermarket tenant, and the rent potential for twelve new residential tenants, this build- ing was the ideal investment for the new owners,” he added. Situated in an Opportunity Zone 322-324 W. Front St. is just steps away fromNJ Tran- sit bus stops and only a few minutes from the Plainfield Train Station. Surrounding retailers include Dunkin’ Do-
nuts, McDonalds, PNC Bank, Chase Bank and Dollar Gen- eral. On behalf of the seller’s family, we are very pleased with Marc’s professionalism and diligence. He found the right purchaser who is going to really add value to the City of Plainfield. We wish Plain - field and the new building developer success in the years to come. The buyer added that work- ing with Marc was a great experience and look forward to completing other deals with him in the future. MAREJ
322-324 W. Front St.
±5,000 s/f sublease
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700 Market St. in Lemoyne
BREINIGSVILLE, PA — Mark Magasich of NAI Summit represented the landlord in a 5,182 s/f sublease
transaction at TekPark, 9999 Ham- ilton Blvd., B r e i n i g s - vi l le . Tek- Park is an innovat ive technology campus with
nine buildings on 137 acres. It consists of ±800,000 s/f of class A office, lab, and manufacturing space. The subleased office space is now home to Forward Thinking Technology Solutions, an IT service provider offering “in- novative technology solutions to maximize workforce pro- ductivity and simplify work processes” as stated on their website. MAREJ
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