174 Delawanna Ave. in Clifton — Courtesy: The Stro Cos.
By Joshua Burd
The Stro Cos. and Kushner Real Estate Group have secured $42 million in financing for a fully leased, 220,000-square-foot cold storage facility in Clifton.
According to the joint venture, Capital One is providing the 10-year, fixed rate loan for the property at 174 Delawanna Ave. The firms will use the proceeds to refinance the industrial building, which online grocery startup Weee! occupies on a long-term lease.
“We are pleased to have consummated this transaction with Capital One,” said Jack Shulman, Stro’s director of acquisitions and capital markets. “They were able to execute quickly on this transaction and made the entire process seamless. Katie Kennedy and her team were great to work with and we look forward to doing more with them in the foreseeable future.”
Located at the nexus of route 3 and 21, 174 Delawanna has 32-foot clear ceiling heights, two drive-ins, 29 docks and ample parking for trailers and employees, according to a news release. Stro secured Weee! as a tenant earlier this year, in a transaction arranged by CBRE.
“We were excited to close this transaction, which will help further Stro’s plans for the property,” said Kennedy, a senior vice president with Capital One’s commercial real estate team.
Shulman added that the firm is seeking additional properties in northern New Jersey’s industrial market, as it looks to deploy “a considerable amount of capital” across a range of acquisition types.