By Joshua Burd
The STRO Cos. has secured a nearly $11 million loan to acquire a Passaic County industrial building and refinance another, the Ridgewood-based firm announced.
According to the company, the newly added property is located at 147 Falstrom Court in Passaic, while the existing building sits at 60 Owens Drive in Wayne. They comprise more than 131,000 square feet in total.
Valley Bank provided the $10.8 million financing package.
“STRO and the Millstein family office are happy to complete another transaction with Valley,” said Jack Shulman, STRO’s director of acquisitions and capital markets. “Blanche Colon and Brian Tish worked diligently with our team to ensure a successful outcome for all parties.”
In announcing the deal, STRO said both properties provide strong connectivity to local suburban markets, New York City and New Jersey’s port district. The firm added that it will continue to look for opportunities in northern New Jersey and the Southeast U.S.
“We enjoyed the opportunity to partner with Jack Shulman and his team,” said Tish, Valley Bank’s first senior vice president. “We are proud to be a part of their continued success by assisting in the growth of STRO and the Millstein family office.”
