By Joshua Burd

 

An owner-occupier has purchased a 73,000-square-foot warehouse property in Garfield for $16.5 million, brokers with Lee & Associates – WBE announced Friday.

According to the brokerage team, the space at 325 Midland Ave., will support an expansion move by Deko International, a national distributor and supplier of food ingredients and related products. Its new facility provides it with easy access to Route 46, Interstate 80, the Garden State Parkway and other corridors, as well as one exterior and four interior dock doors with new upgrades and parking for 55 vehicles.

Troy Wisse and Michael Schaible Lee & Associates – WBE — working in conjunction with Justin Smith, Chris Vassilian and Grant La Bounty of Lee & Associates’ Irvine, California, office — represented the buyer. CBRE’s Kevin Dudley and Kate Granahan represented the seller, Snowball Developments.

“This property’s Bergen County address, with easy access to regional thoroughfares, was very attractive to our client,” Wisse 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.”

Lee & Associates also noted that the building boasts improvements such as a new roof, façade, LED lighting and exterior painting, plus 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.”