475 Mola Blvd. in Elmwood Park — Courtesy: The Stro Cos.
(Editor’s note: This story was updated Thursday, Jan. 17, with additional comments from NAI James E. Hanson)
By Joshua Burd
Three tenants have combined to lease 45,000 square feet at an industrial building in Elmwood Park, The Stro Cos. announced, bringing the recently acquired property to full occupancy.
The landlord on Thursday announced the leases at 475 Mola Blvd., which it recently acquired. The largest among them was a commitment by Best Value Kosher, a distributor of kosher dairy products, which is relocating from Newark and will convert most of its warehouse space to cold storage areas and federally approved rooms for food storage.
Stro signed its most recent lease at the building with Digirad Corp., a provider of diagnostic and imaging equipment to the health care industry. The other new tenant is Achieve Fitness.
Jeff DeMagistris, Thomas Vetter and Thomas Ryan of NAI James E. Hanson represented ownership in the deals, while Harold Imperatore of JLL represented Digirad.
“We knew when we acquired this property it would be instantly demanded by tenants,” said Todd Minerley director of acquisitions and leasing for Stro. “A functional superstar with near direct access to Interstate 80, Route 46 and the Garden State Parkway, we leased (90 percent leased) of the available space a week after closing.”
The Elmwood Park-based owner, investor and developer noted that 475 Mola had no signed leases in place when it acquired the property.
“The market has responded almost instantly to our repositioning plan for this asset,” said Michael Lachs, director of finance and investments. “Over the last three years we have refined the implementation of our repositioning and marketing strategies to maximize the speed of new acquisition leasing. We are quite pleased to have accomplished so much, so quickly.”
DeMagistris, meantime, said the activity at the building “highlights the continued strength of the northern New Jersey industrial market on both the sales and leasing side.”
“We continue to see robust demand for acquisition opportunities like 475 Mola as well as strong demand from tenants searching for space in buildings just like this one,” he said. “NAI Hanson’s industrial brokerage team boasts a deep level of experience in working on both industrial sales and leasing that allows us to help our clients find the right deal at the right price to meet their business goals.”