500 West Main St. in Wyckoff — Courtesy: JLL
By Joshua Burd
The STRO Cos. has closed on a $14.5 million loan to refinance more than 115,000 square feet of industrial space in Wyckoff, brokers with JLL announced Monday.
In a news release, the debt placement team said City National Bank provided the funds in connection with the property at 500 West Main St. The five-year, fixed-rate loan will support a 115,084-square-foot shallow-bay facility that is fully leased to 12 tenants across the manufacturing, distribution and service industries, boasting features such as 21-foot clear heights, six dock doors, nine drive-in doors and 115 parking spaces.
JLL Senior Managing Director Michael Klein, Senior Director Max Custer and Analyst Christian Badalamenti led the team representing the borrower.
“We are thrilled to have completed a successful refinancing with JLL and CNB,” said Albert Fitch, managing director at STRO. “This transaction not only underscores the continued demand for multi-tenanted industrial properties in northern New Jersey but also strengthens our position in the market.”
The firms added that the property, which was built in 1966, benefits from its proximity to routes 208 and 17 and Interstate 287, along with strong market fundamentals and population density. What’s more, the site is 22 miles from both Newark Liberty International Airport and Port Newark-Elizabeth.
“500 West Main Street presented an excellent refinancing opportunity given its prime infill location, diverse tenant roster and strong sponsorship profile,” Klein Saud. “We were able to secure attractive terms that will allow the sponsor to capitalize on the property’s mark-to-market potential.”
