Clifton-based Deko International, a national distributor and supplier of food ingredients and related products, has purchased a 73,000-square-foot warehouse in Garfield for $16.5 million, Lee & Associates announced.
The property, at 325 Midland Ave., was sold by Snowball Developments.
Troy Wisse and Michael Schaible – working in conjunction with Justin Smith, Chris Vassilian and Grant La Bounty of Lee & Associates’ Irvine, California, office – represented Deko International. CBRE’s Kevin Dudley and Kate Granahan represented Snowball Developments.
The purchase of 325 Midland Avenue represents an expansion move for Deko International, Wisse said.
“This property’s Bergen County address, with easy access to regional thoroughfares, was very attractive to our client,” he said. “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.”
The warehouse is proximate to Route 46, I-80, the Garden State Parkway, N.J. 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,” Wisse said. “Current conditions are providing particularly good opportunities for owner-occupier buyers, which remain active in the market.”
