300 Route 17 South in Mahwah — Courtesy: The STRO Cos.
By Joshua Burd
The STRO Cos. has purchased an 81,000-square-foot industrial building in Mahwah, as it continues its search for property in northern New Jersey.
The Ridgewood-based firm said the facility, located at 300 Route 17 South, is fully leased with seven tenants in small bay units ranging from 7,000 to 16,000 square feet. The site also provides tenants with 19-foot clear ceiling heights and easy access to Interstate 287 and Route 202.
STRO acquired the property from an undisclosed seller, in a deal arranged by JLL managing directors Marc Duval, Jordan Avanzato and Howard Weinberg, directors Nicholas Stefans and Jason Lundy and Senior Managing Director Jose Cruz. Terms were not disclosed.
“This was a team effort for all involved and showed how close collaboration and building relationships lead to a positive outcome for everyone,” said Jack Shulman, STRO’s senior director of acquisitions and capital markets. “We are greatly appreciative of the brokers at JLL, the sellers and Brian Tish at Valley Bank for their diligent efforts in bringing this transaction to a close.”
“It is a turbulent time in the banking world. Having a banking partner who continues to grow with us and understand our market adds tremendous value to transactions like this one.”
Avanzato added: “We have seen significant investor appetite for multi-tenanted, shallow bay product with short term WALT, as the lack of new deliveries continues to fuel market rent growth.”
In announcing the transaction, STRO noted that there will be space coming available in the building shortly after closing.
“This is a rare opportunity for a tenant to lease 10,000 square feet of high-quality warehouse space with up to 50 parking spaces,” said Elliot Ferris, STRO’s director of leasing. “We look forward to bringing the space to market for lease in the near future.”
