By Joshua Burd
Three of the state’s well-known commercial real estate firms have acquired a multi-building, 77,000-square-foot industrial complex just west of Newark Liberty International Airport.
The partners, The STRO Cos., Kushner Real Estate Group and Fidelco Realty Group, announced Monday that they’ve partnered in the transaction at 798 Frelinghuysen Ave. in Newark. They completed the deal with a private seller, paying an undisclosed price for the nearly five-acre property about a mile south of Interstate 78.
“Frelinghuysen is the perfect location for warehousing and distribution,” STRO Chief Operating Officer Jeffrey Buchman said. “Given its location, being at the crossroads of major interstates and minutes from the ports, we see tremendous value in this property.”
Jack Shulman, the firm’s director of acquisitions and capital markets, added that “798 Frelinghuysen was attractive on multiple levels for us.”
“Its location is unparalleled, providing any future tenants with the ideal location to house and distribute goods to the New York metro area,” he said. “With Newark growing and rising in prominence, we see this asset as a core holding and one that will continue to be in demand for years to come.”
Brian Silbert and Joel Tomlinson of Silbert Realty & Management Co., longtime leasing and managing agents for the seller, brokered the transaction.
“Based upon the location, valuations of the property and strong attributes it had, we aggressively marketed the site on behalf of the seller, a private family,” Silbert said. “Ultimately, they selected a partnership led by the Millstein family and STRO as a great, qualified buyer to achieve a successful outcome for the seller.”
It’s the latest partnership between Ridgewood-based STRO and KRE, which are also developing a new 205,000-square-foot warehouse at 1150 McBride Ave. in Woodland Park.
“Demand for well-located industrial space in New Jersey remains at unprecedented levels, making a key asset like 798 Frelinghuysen an attractive acquisition for us,” said Jonathan Kushner, president of KRE Group. “The significant investment across all asset classes in Newark will only serve to strengthen the value and upside of this property.”
Fidelco, for its part, has moved recently to expand its industrial holdings in and around Port Newark-Elizabeth.
“The location and size of this land makes it a particularly noteworthy addition to our portfolio,” said Marc E. Berson, Fidelco’s chairman. “We were excited to partner with STRO and KRE on this venture. Newark’s renaissance continues to touch all corners of this great city and we are proud to be part of its progress.”
