Updated Aug 27, 2026
Open Industrial Acquires Industrial Property From Corveleyn Family For $9 Million In South Plainfield
1271 New Market Avenue
$9,000,000
$1,216/SF
Building Size
7,400 SF
Asset Type
Industrial
Closing
Aug 5, 2026
About this deal
AI
An industrial property located at 1271 New Market Avenue in South Plainfield, NJ, has been sold for $9,000,000. The asset encompasses a total of 7,400 square feet, resulting in a price per square foot of $1,216.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: $9,000,000
- Address: 1271 New Market Avenue
- Market: South Plainfield, NJ
- Square Footage: 7,400
- Price Per Square Foot: $1,216
- Buyer: Open Industrial
- Seller: Corveleyn Family
- Brokers: Isaac R. Setton, Bunny Escava & Joseph Setton - KSR
This transaction was facilitated by the brokerage team of Isaac R. Setton, Bunny Escava, and Joseph Setton, representing the interests of both the buyer, Open Industrial, and the seller, Corveleyn Family.
On the Map
$9,000,000
$1,216/SF
Industrial
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Players
South Plainfield Industrial Market Snapshot
Boundary boundary · Industrial · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.76%
Cash-on-Cash
-0.50%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93