Eric Shalek & Scott Shalek Purchase 26,000 Square Foot Industrial Facility In Kenilworth For $13.125M
651 North Michigan Avenue
$13,125,000
$504/SF
Building Size
26,000 SF
Asset Type
Industrial
Closing
Jun 11, 2026
AI
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.
Players
Market 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
1.21%
Cash-on-Cash
-0.35%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93