235 Pegasus Ave. in Northvale — Courtesy: The Stro Cos.
By Joshua Burd
The Stro Cos. has secured nearly $28 million to refinance a five-building, 340,000-square-foot portfolio of industrial buildings in Union and Bergen counties.
In a news release, the Ridgewood-based firm said Kearny Bank is providing the debt for a group of assets that includes 1110 Springfield Road in Union, 235 and 245 Pegasus Ave. in Northvale, 370 North St. in Teterboro and 500 West Main St. in Wyckoff. The financing totals $27.8 million, Stro said, noting that each property has an abundance of loading docks, drive-ins, high ceilings for warehousing and distribution and adequate truck circulation.
The firm added that all of the buildings are located in infill submarkets where there is a high demand for last-mile distribution and e-commerce tenants.
“We are thrilled to have consummated these refinances with Kearny Bank,” said Jack Shulman, Stro’s director of leasing, acquisitions and capital markets. “Despite the obvious setbacks associated with COVID-19, Kearny was able to swiftly execute on these transactions and were very competitive on pricing.
“Banks are eager to lend on low leverage, stable, multitenant industrial assets that are located in north New Jersey, where the majority of Stro’s portfolio is located.”
Shulman also credited Kearny Bank’s Gary Brozowski “for making these transactions seamless. We look forward to working with Kearny on future financing needs and greatly appreciate having them as our capital partner.”
“We have capital on the sidelines and are looking to deploy in either core, value-add or ground up industrial in northern New Jersey,” he added. “It is a competitive marketplace, and we have a great team at Stro that can execute quickly and provide immediate feedback when offered a deal.”
