By Joshua Burd
The Millstein family office and The STRO Cos. have completed their purchase of a 90,000-square-foot industrial property in Passaic.
In a news release, the organizations said 147 Falstrom Court is a warehousing and manufacturing facility, touting its location at the crossroads of Route 21, Route 2, the Garden State Parkway and Interstate 80. That makes it a highly desirable location with respect to accessing New York City and the broader region.
Terms of the deal were not disclosed.
“Given the strong demand for industrial and warehousing, 147 Falstrom’s proximity to New York City and residential areas provides future tenants with incredible value for last-mile distribution and manufacturing,” STRO Chief Operating Officer Jeffrey Buchman said. “I believe locations similar to 147 Falstrom will continue to be desirable in years to come with increasing supply chain demands.”
McBride Corporate Real Estate Senior Vice President James McNerney represented the Millstein family office and STRO.
“This is a phenomenal location and acquisition for all involved in the transaction,” said Jack Shulman, STRO’s director of acquisitions and capital markets. “147 Falstrom fits well into our business model and is very close in proximity to three other buildings we own in Clifton. We are appreciative of James McNerney from McBride Corporate Real Estate for sourcing this transaction for us.”
In announcing the deal, the Millstein family office and STRO added that they are eagerly seeking additional industrial properties in northern New Jersey and the Southeastern U.S. Shulman said the firms have “a considerable amount of capital to deploy” and are interested in core-plus, value-add or opportunistic acquisitions.
“147 Falstrom Court, was a great opportunity to invest in a well-located industrial asset,” McNerney said. “The North Jersey industrial market is continuing to perform extremely well, and we continue to see great opportunities in the logistics and distribution sector.”