By Joshua Burd
The Stro Cos. has leased 34,300 square feet in Lincoln Park to a logistics firm focused on so-called last-mile delivery services, the landlord announced Monday.
The tenant, Priority Express, is the latest to join the roster at 510 Ryerson Road since Stro acquired it in March 2016, according to a news release. The 75 percent occupied building has access to interstates 80 and 287, along with routes 46 and 202.
“Given the exceptional location and functional utility of the property, we knew this asset would be well-received by the market,” said Mike Lachs, director of finance and investments with Ridgewood-based Stro. “However, the reality was much better than we anticipated. We think our leasing and marketing program really made this property shine.”
Priority Express provides expedited logistics services in Pennsylvania, New York, Delaware, Virginia and New Jersey, the news release said. It uses modern technology to provide customized last-mile delivery for clients ranging from home-based entrepreneurs to Fortune 500 companies.
“The property’s address is Lincoln Park, but to ‘last mile’ logistics operators, it’s superior to a many I-80 corridor locations like Fairfield,” said Todd Minerley, director of acquisitions and leasing for Stro. “Today’s tenants are looking harder and smarter at the real costs of occupancy. 510 Ryerson’s combination of location, lower operating cost and outstanding functional utility make good business sense.”
