By Joshua Burd
The Stro Cos. has purchased a fully occupied, 78,000-square-foot industrial property in Fairfield, the Ridgewood-based firm announced Monday.
The property, located at 140 Clinton Road, is home to two tenants and sits directly along Route 46, offering quick access to interstates 80, 280 and 287, among other highways. Stro acquired the building for an undisclosed price, touting the growth of its North Jersey industrial footprint.
“This was a phenomenal acquisition to say the least,” said Jack Shulman, director of acquisitions and capital markets at Stro. “There have been only a handful of industrial properties traded in 2020 and COVID-19 has only further increased the competitiveness of this asset class.”
Robert Nathin of Sheldon Gross Realty represented the undisclosed seller, while Charles J. Wilkes of Murphy Schiller & Wilkes LLP served as lead counsel in closing the deal for Stro. Lakeland Bank financed the deal, with Anibal Badim and Len Carlucci leading the transaction.
In a news release, Stro noted that 140 Clinton Road has 21-foot ceiling heights, excess land for trailer parking and additional parking for employees. The firm announced the acquisition on Monday while also highlighting its recent hiring of Shulman, who spearheads its leasing efforts.
He brings with him a 15-year track record of working in acquisitions, development, asset management and capital markets, primarily in the multifamily, commercial and retail sectors.
“Transitioning into the industrial real estate market has been a goal of mine for the last few years,” Schulman said. “It is no secret that the industrial sector, particularly in northern New Jersey, has been an incredible performer over the last five years due to the surge of e-commerce.
“Moreover, COVID-19 forced most to use online delivery which further strengthened the already strong industrial asset class. This has enabled STRO, despite the challenging debt markets, to have viable debt options.”