By Joshua Burd
The STRO Cos. has acquired nearly 46,000 square feet of industrial space across two buildings in Newark’s South Ironbound section, the firm announced Friday.
The investor, which is based in Ridgewood, said it’s planning to upgrade the complex at 202-231 Vanderpool Ave. as it prepares for expected vacancies in the coming months. It paid an undisclosed sum for the 13-unit, 45,500-square-foot property, which is minutes from Newark’s port district and provides quick access to Interstate 78, the New Jersey Turnpike, Route 21 and other major highways.
“We are very excited about this transaction,” said Jack Shulman, STRO’s senior director of acquisitions and capital markets. “Our team has been extremely optimistic on small bay industrial products in key infill markets. Small space has become scarce and there is tremendous demand for businesses that need this type of product. We plan to proceed with renovations to the building and create one of the premier small bay building offerings in the ports.”
The deal marked STRO’s second acquisition in a week.
“We will be bringing to market some incredible small bay product over the next four months,” said Elliot Ferris, the firm’s director of leasing. “Several spaces ranging from 1,800 square feet to 4,000 square feet will be made available. This is an extremely rare opportunity to secure a small warehouse space next to Newark Airport.”