1150 McBride Ave. in Woodland Park — Courtesy: The STRO Cos.
By Joshua Burd
The STRO Cos. and Kushner Real Estate Group have secured $60 million to refinance a new 205,000-square-foot industrial development in Woodland Park.
The firms on Monday said City National Bank is providing the loan in connection with 1150 McBride Ave., having constructed the project just off Route 46. Plans for the modern facility include 36-foot clear ceiling heights, two drive-ins, 20 docks and ample parking for trailers and employees.
STRO and KRE have also leased the property to what they described only as a credit tenant. The building reportedly is leased to Amazon.
“We are pleased to have consummated this transaction with City National Bank,” said Jamie Block, KRE’s director of finance, who represented both firms in house. “They were able to execute quickly on this transaction and made the entire process seamless. Nick Zitelli’s team was great to work with and we look forward to doing more business with them in the foreseeable future.”
The joint venture closed on the 16-acre site early last year, seeking to capitalize on a location at the junction of Route 46 and Interstate 80. The site, which once housed the headquarters of Kearfott Guidance & Navigation, also provides quick access to Route 23.
“We are eager to continue purchasing more industrial warehouses in northern New Jersey and Florida,” said Jack Shulman, senior director of acquisitions and capital markets for STRO. “We have a considerable amount of capital to deploy and are interested in either core-plus, value-add or opportunistic acquisitions.”
Stro, KRE break ground on 205,000 sq. ft. industrial building in Woodland Park