415 Hamburg Turnpike in Wayne — Courtesy: The STRO Cos.
By Joshua Burd
The STRO Cos. has closed on a $25 million loan to refinance a fully leased, 353,000-square-foot industrial building in Wayne that it has owned for more than 30 years.
According to a news release, Truist Bank provided the debt in connection with the property at 415 Hamburg Turnpike. Ridgewood-based STRO, which oversees real estate for the Millstein family office, noted that the building serves as a last-mile facility with easy access to local suburban markets, New York City and Port Newark-Elizabeth.
The firm added that the property has remained fully leased throughout its ownership.
“We are thrilled to have completed this transaction with Truist,” said Albert Fitch, STRO’s managing director of acquisitions and capital markets. “We are eager to continue purchasing more industrial warehouses in northern New Jersey and the southeast Region of the United States. We have a considerable amount of capital to deploy and are interested in core-plus, value-add and opportunistic acquisitions.”
