The STRO Cos. and KRE Group are repositioning 120,000 square feet of industrial space at 5 and 30 Paul Kohner Place in Elmwood Park into a standalone warehouse and a modern industrial outdoor storage site. — Renderings courtesy: STRO/KRE
By Joshua Burd
The STRO Cos. and KRE Group have joined forces for another deal, acquiring a vacant three-building industrial complex in Elmwood Park that they now plan to reposition.
The firms said the portfolio, which they purchased from an undisclosed seller, occupies a combined 7.4 acres at the junction of Interstate 80 and the Garden State Parkway. That includes a nearly 60,000-square-foot facility at 5 Paul Kohner Place that they’re now marketing for sale or lease on a standalone basis, touting features such as 20-foot clear ceiling heights, five loading docks, two drive-ins and 1,200 amps of power.
At 30 Paul Kohner Place, the team is set to repurpose what are currently two buildings into a modern industrial outdoor storage site with nearly 20,000 square feet of warehouse space on roughly 4.5 acres, providing a low-coverage footprint that they say will appeal to contractors, fleet operators, building material suppliers and heavy equipment companies. The building will also have 20-foot clear ceiling heights, two docks, two drive-in doors and 3,000 amps of power, STRO and KRE said, adding that its zoning permits outside storage as a primary use, providing significant operational flexibility for occupiers.
“5 and 30 Paul Kohner Place fits squarely within our investment thesis — functional, infill industrial assets in supply-constrained submarkets where we can create meaningful value through repositioning and capital investment,” said Eli Millstein of The STRO Cos. “Bergen County remains one of the tightest industrial markets in the country, and the combination of as-of-right outdoor storage, existing warehouse infrastructure and substantial power made this an opportunity we moved quickly to secure. We’re excited to partner with KRE to unlock the full potential of this site.”
IDB Bank provided financing for the acquisition. Additional terms were not disclosed.
“Our partnership with STRO continues to deliver high-quality industrial assets in markets where we have strong conviction,” said Jonathan Kushner, KRE Group’s president. “The acquisition reflects our shared focus on well-located, functional properties with clear paths to long-term value creation.”
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