325 Midland Avenue Trades to National Food Industry Supplier
GARFIELD, N.J. (Oct. 11, 2024) – A 73,000-square-foot warehouse property at 325 Midland Ave. in Garfield has traded for $16.5 million, announced Lee & Associates – WBE. The commercial real estate firm’s Troy Wisse and Michael Schaible – working in conjunction with Justin Smith, Chris Vassilian and Grant La Bounty of Lee & Associates’ Irvine, Ca., office – represented the buyer, Deko International. CBRE’s Kevin Dudley and Kate Granahan represented the seller, Snowball Developments.
The purchase of 325 Midland Avenue represents an expansion move for Deko International, a national distributor and supplier of food ingredients and related products.
“This property’s Bergen County address, with easy access to regional thoroughfares, was very attractive to our client,” said Wisse. “The transaction included complexities that required a truly collaborative effort, and the expertise of all parties helped get the deal over the finish line. We are pleased to have facilitated this noteworthy sale, helping our client meet its real estate and business needs.”
325 Midland Avenue is proximate to Route 46, I-80, the Garden State Parkway, New Jersey Turnpike, George Washington Bridge and regional airports. The asset features one exterior and four interior dock doors with new upgrade packages, and parking for 55 vehicles. Building improvements include a new roof, façade, LED lighting, exterior painting, and fresh paving and site work.
“New Jersey stands among the strongest real estate markets in the United States for industrial sales and dominates the Northeastern region,” said Wisse. “Current conditions are providing particularly good opportunities for owner-occupier buyers, which remain active in the market.”
Lee & Associates – WBE has locations throughout New Jersey. The company is the regional operation of Lee & Associates, one of the leading privately owned commercial real estate services firms in the United States. Lee & Associates – WBE combines a commitment to excellence with the strength of the Lee & Associates platform, ensuring clients receive innovative solutions and unparalleled expertise.
Established in 1979, Lee & Associates maintains 75+ offices across North America and has facilitated more than $115 billion in transaction volume over the past five years. Lee & Associates professionals leverage the latest technology, resources and market intelligence to deliver superior service and optimize results for clients.
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