A New York-based investment firm has made its first acquisition in New Jersey, a Garfield mixed-use property featuring a 69,157-square-foot industrial building, according to real estate firm CBRE.
The property at 303-325 Midland Ave. was purchased by Snowball Developments LLC from a private seller. The property’s industrial component is 100% leased, with Wearbest Weavers serving as the largest tenant, occupying 59,057 square feet. The company has been located there for 35 years.
Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, David Gavin and Zach McHale of CBRE’s Institutional Properties group represented the seller and procured the buyer in the deal.
“The New Jersey industrial market continues to be one of the strongest markets in the country,” Dunne said in a prepared statement. “Investors’ appetite for this asset class increased significantly during the pandemic and have shown no signs of slowing down.”
Added Neuer: “The Snowball team identified this as their first acquisition, and were very diligent in getting this deal across the finish line. I expect them to be very active in the coming years.”
