1110 Springfield Road in Union — Courtesy: The Stro Cos.
By Joshua Burd
The Stro Cos. has started the year by growing its industrial portfolio in northern and central New Jersey, acquiring five buildings spanning more than 200,000 square feet.
The acquisitions, which total nearly $15 million in value, include a three-building complex in Union and one each in Moonachie and Fairfield, the Ridgewood-based firm said. In each case, Stro purchased the buildings from sellers who were transitioning out of the real estate business.
In Union, Stro paid $7 million for 1110 Springfield Road, 50 Milltown Road and 60 Milltown Road, which make up a 128,000-square-foot, multitenant flex industrial park, the firm said. The property is just off Route 22 and minutes from Interstate 78, the Garden Parkway, Newark Liberty International Airport and Port Newark-Elizabeth.
The park, which Stro acquired in an off-market deal, is 98 percent occupied. The acquisition was financed by Millington Bank.
The Moonachie property, located at 111 Moonachie Ave., is a 52,000-square-foot flex industrial building featuring seven units, Stro said in a news release. The firm paid $5.3 million for the acquisition, with financing from Malvern Bank.
Stro acquired the property with one 7,000-square-foot vacancy and is creating value by installing a façade enhancement and bringing the property up to date, the firm said. It said the vacant unit is well-suited for retail, flex industrial or showroom uses.
The facility is directly across the street from Teterboro Airport and a short distance from routes 17 and 3 and the New Jersey Turnpike.
“In a tough buying market we have continued to excel at finding true ‘value add’ opportunities in New Jersey’s best industrial markets,” said Todd Minerley, director of acquisitions and leasing. “Core to our success is working closely with the brokerage community and sellers to get transactions closed quickly. Brokers know we can and will deliver for their clients.”
In Fairfield, Stro paid $2.4 million to acquire 18 Industrial Road, a 30,000-square-foot, multitenant flex building. The acquisition was financed by the Bank of New Jersey.
The property is easily accessible from Route 46 and Interstate 80. Stro leased the property to two tenants within 30 days of the acquisition and will be installing upgrades to its exterior in order to strengthen its market position.
“We believe our transaction style played a major role in completing these transactions,” said Mike Lachs, director of finance and investments. “From the initial negotiations to the closing table we strive to get the deal done as painless and as fast as possible. We are pleased to add these exceptional assets to the portfolio.”
