19 Vreeland Road in Florham Park — Courtesy: The Stro Cos.
By Joshua Burd
The Stro Cos. has added to its holdings in North Jersey with the acquisition of a 141,000-square-foot office and data center facility in Florham Park.
The firm, which is based in Ridgewood, said its purchase of 19 Vreeland Road comes as part of a plan to build clusters of property within its portfolio. It acquired the facility from Bank of New York Mellon, which occupies the building, for an undisclosed sum.
“This is an exciting project, one that everyone at Stro is looking forward to working on post-closing,” said Jack Shulman, the firm’s director of acquisitions and capital markets. “Stro is very focused on acquiring properties adjacent to its existing ones. With 19 Vreeland being across the street from our 4 Vreeland property, this was a natural purchase for us.”
JLL’s Jose Cruz, Michael Oliver, Steve Simonelli, Kevin O’Hearn, JB Bruno, Jordan Avanzato and Michael Kavanaugh represented the seller. A Prudential Bank team led by John Bailey provided financing for the property, which sits on 14.4 acres and provides quick access to routes 24 and 10, along with interstates 280 and 287.
“We have capital on the sidelines and are looking to deploy in either core, value-add or ground-up last-mile industrial properties in northern New Jersey,” Shulman added. “We have a great team at Stro can execute quickly and provide immediate feedback when offered a deal.”