CBRE said Aug. 16 that its institutional properties group – comprised of Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, David Gavin and Zach McHale – represented a private seller in the sale of a mixed-use property in Garfield.
The CBRE team was also responsible for procuring the buyer, Snowball Developments LLC, a New York City-based investment firm that sources cross-border capital from Canada. The transaction marks Snowball Development’s first acquisition in New Jersey.
Located at 303-325 Midland Ave., the asset is anchored by a 69,157-square-foot industrial building that is 100% leased. The largest tenant, Wearbest Weavers (59,057 square feet), is a leading textile manufacturer that has been in occupancy at the property for 35 years.
“The New Jersey industrial market continues to be one of the strongest markets in the country,” Dunne, vice chairman at CBRE, commented,. “Investors’ appetite for this asset class increased significantly during the pandemic and have shown no signs of slowing down.”
“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,” added Neuer, executive vice president at CBRE.