18-20 Industrial Road, Fairfield, NJ
RIDGEWOOD, NJ—The Stro Companies has acquired five New Jersey industrial buildings totaling 210,000 square feet, purchased in separate transactions from different sellers.
“In a tough buying market we have continued to excel at finding true ‘value-add’ opportunities in New Jersey’s best industrial markets,” says Todd Minerley, director of acquisitions & leasing. “Core to our success is working closely with the brokerage community and sellers to get transactions closed quickly. Brokers know we can and will deliver for their clients.”
The properties are:
1110 Springfield Rd., Union, NJ
- 1110 Springfield Road, 50 Milltown Road and 60 Milltown Rd., Union, NJ - a three-building, 128,000-square-foot multi-tenanted flex industrial park located just off the Route 22 Retail Corridor and minutes from I-78, The Garden Parkway, Newark Liberty Airport and port facilities. The park was acquired for $7 million in an off-market transaction, and was 98-percent occupied. It features industrial units from 10,000 to 30,000 square feet. The acquisition was financed by Millington Bank.
- 111 Moonachie Avenue, Moonachie, NJ is a 52,000-square-foot flex industrial building featuring seven units, acquired for $5.3 million. Located in the heart of the Meadowlands, the property is located directly across the street from Teterboro Airport and a short distance from Routes 17, 3 and the New Jersey Turnpike. Stro is creating value by installing a façade enhancement and bringing the property up to date. The property was acquired with one vacancy – a 7,000 square-foot unit suited for retail, flex industrial or showroom uses. The acquisition was financed by Malvern Bank.
- 18 Industrial Road, Fairfield, NJ is a multi-tenanted flex industrial building encompassing 30,000 square feet. Accessible from Route 46 and I-80, Stro leased the property to two tenants within 30 days of acquisition. Stro will be installing upgrades to the building’s exterior, strengthening the market position of an already exceptional asset. The property was acquired for $2.4 million, with financing from the Bank of New Jersey.
“These transactions were all with sellers transitioning out of the real estate business. We believe our transaction style played a major role in completing these transactions,” says Mike Lachs, director of finance & investments. “From the initial negotiations to the closing table we strive to get the deal done as painless and as fast as possible. We are pleased to add these exceptional assets to the portfolio.”