303-325 Midland Ave. in Garfield — Courtesy: CBRE
By Joshua Burd
An investment firm has made its first acquisition in New Jersey with the purchase of a mixed-use property in Bergen County, under a newly announced transaction by CBRE.
The New York-based buyer, Snowball Developments LLC, paid an undisclosed sum for the parcel at 303-325 Midland Ave. in Garfield, which is anchored by a 69,157-square-foot industrial building, according to a news release. Brokers with CBRE represented a private seller in the deal, noting that the building is fully leased and anchored by a longtime tenant.
“The New Jersey industrial market continues to be one of the strongest markets in the country,” CBRE Vice Chairman Jeffrey Dunne said. “Investors’ appetite for this asset class increased significantly during the pandemic and have shown no signs of slowing down.”
Dunne worked alongside CBRE’s Jeremy Neuer, Steve Bardsley, David Gavin and Zach McHale to arrange the sale to Snowball, which sources cross-border capital from Canada. The firm added that the property’s largest tenant, Wearbest Weavers, is a textile manufacturer that occupies 59,057 square feet and has been in the space for 35 years.
“The Snowball team identified this as their first acquisition and were very diligent in getting this deal across the finish line,” said Neuer, an executive vice president with CBRE. “I expect them to be very active in the coming years.”
