Eric Shalek & Scott Shalek Purchase 26,000 Square Foot Industrial Facility In Kenilworth For $13.125M

The transaction involved an industrial facility located at 651 Michigan Avenue in Kenilworth, New Jersey. The property encompasses 2.02 acres and features a total square footage of 26,000. The sale price for this transaction was $13,125,000, which results in a price per square foot of $505. The asset was recently constructed in 2024 and incorporates modern industrial characteristics, including both office and warehouse components.

Summary of transaction details:

• Property Type: Industrial
• Transaction Amount: $13,125,000
• Address: 651 Michigan Avenue
• Market: Kenilworth, NJ
• Acres: 2.02
• Square Footage: 26,000
• Price Per Square Foot: $505
• Buyer: Eric Shalek & Scott Shalek - Ridgecut Road
• Seller: Filippo Lavelli - Magni America
• Brokers: Catherine Goski-Vasquez, Kyle Gerace & Christopher Chiusolo - NAI DiLeo-Bram & Co.

NAI DiLeo-Bram & Co. facilitated the off-market sale, transitioning the property from seller Magni America to buyer Ridgecut Road. Following the transaction, Magni America will retain a partial tenancy in the facility, indicating sustained interest in high-quality industrial assets within the Union County submarket.