97 Fairfield Road in Fairfield — Courtesy: The STRO Cos.
By Joshua Burd
The STRO Cos. has acquired a nearly 77,000-square-foot industrial building near Route 46 in Fairfield, adding to its portfolio of small-bay warehouse space in the region.
The firm, which is based in Ridgewood, paid an undisclosed price for the property at 97 Fairfield Road. It noted that the 76,560-square-foot facility is fully leased with small-bay units ranging from 8,000 to 13,000 square feet and 22-foot clear ceiling heights, touting its easy access to Interstate 80 via Route 23.
“Our team worked hard to get this transaction closed quickly,” said Albert Fitch, STRO’s managing director of acquisitions and capital markets. “We have a long-term relationship with the seller and were able to accommodate them with an expedited closing. 97 Fairfield is the perfect example of quality small-bay product that we strive to own. There is considerable value to be created in buildings like 97 Fairfield and we actively looking to acquire similar product.”
Howard Weinberg of JLL represented the seller, noting the firm has a long relationship with STRO.
“Very few of these types of opportunities present themselves,” Weinberg said. “We are glad all parties were able to work together to bring this transaction to a successful conclusion.”
