By Joshua Burd
The Stro Cos. has continued its string of acquisitions this year, announcing the addition of a 120,000-square-foot industrial building in Wyckoff.
The firm, which is based in Ridgewood, marked the start of the fourth quarter with its purchase of 500 West Main St. Its newest acquisition is 90 percent occupied and sits on 14 acres, with 21-foot clear ceilings and significant parking and loading.
“This acquisition provides another last mile distribution hub to our portfolio and accounts for the third Bergen County property in the past four months,” said Mitchel Kay, Stro’s chief operating officer and general counsel. “The location services a densely populated and affluent area that will undoubtedly attract new businesses keen to take advantage of that fact.”
The acquisition is also the firm’s sixth in 2019. Zach La Motta, Stro’s director of leasing, cited the building’s location near routes 208 and 4 and Interstate 287, which provides quick access to the George Washington Bridge and services the Bergen County submarket.
“Moreover, the building has easy access to and from the greater New York metro market and its ports,” La Motta said.
Kellen Murphy of Murphy Partners LLP served as lead counsel in closing the deal, which was financed by Millington Bank.
“We thank Kellen for his counsel and calm, effective demeanor to ensure a smooth closing,” Kay said. “Moreover, we thank John Bailey and his team at Millington Bank, who were extraordinary, as always, to work with.”
