STRO and KRE Group are developing a new 65,000-square-foot industrial building at 3 Century Drive in Parsippany, with delivery slated for September. — Rendering courtesy: STRO
By Joshua Burd
STRO and KRE Group are set to begin construction on a new 65,000-square-foot industrial project that will bring new life to what was a vacant office property in Parsippany.
In a news release, the firms said they expect to go vertical in February at the 5.01-acre site at 3 Century Drive. Delivery is slated for September, they said, as they market the facility alongside the Resource Realty of Northern New Jersey team of Tom Consiglio and Scott Peck.
Plans call for 36-foot clear ceiling heights, 10 dock doors, one drive-in door and 1,200 amps of power — with a location minutes from Route 10 and interstates 287 and 80, STRO and KRE said. That makes it well-suited to third-party logistics providers, wholesale and retail distributors, last-mile fulfillment and delivery operators and specialized users such as food and beverage distribution, cold storage and operations driven by artificial intelligence.
“This project represents STRO’s continued commitment to delivering modern, flexible industrial solutions in key Northeast markets,” said Steven Millstein, STRO’s founder and principal. “We’re excited to partner with KRE and, given the preleasing success of our recent ground‑up developments at 19 Vreeland (in Florham Park) and 1150 McBride (in Woodland Park), we’re confident this property will follow the same trajectory.”
The firms added that the building will be divisible to units of 32,500 square feet. Consiglio and Peck are marketing the property in tandem with Gabe Millstein, STRO’s director of leasing.
“Partnering with STRO allows us to combine our development expertise with STRO’s operative excellence,” said Jonathan Kushner, KRE Group’s president. “We look forward to delivering a high-quality facility that supports growth for industrial tenants across the tristate area.”
