The property includes an eight-story warehouse with fireproof concrete construction and approximately one acre of on-site parking in Newark's South Ward, adjacent to CSX rail lines, which provide freight access for container shipments and rail cars. The building also has loading docks designed specifically for rail line access. It is one block from McCarter Highway and less than one mile from Routes 78, 22 and 1 and 9, as well as Newark Liberty International Airport.

"Kislak recently completed the sale of another Newark industrial property, a 101,000-square-foot warehouse located at 194-204 N. 12th St.," president and co-managing director Jeffrey Wiener tells GlobeSt.com. "It was after learning of this sale that the owner of 98 Frelinghuysen contacted us."

According to Greenberg, the property "offers an opportunity for an investor or user." Despite the national economy, he adds, "the New Jersey industrial market, especially in the northern part of the state, remains healthy." The property is priced to sell and Kislak expects it to trade in the $6 million range.