Stro Acquires 475 Mola Blvd, Elmwood Park NJ - 45,000 SF Light Industrial Building
THE STRO COMPANIES ACQUIRE 475 MOLA BOULEVARD, ELMWOOD PARK, NJ – A 45,000 SQUARE FOOT LIGHT INDUSTRIAL BUILDING
The Stro Companies acquire 475 Mola Boulevard, Elmwood Park, NJ – A well-located 45,000 square foot multi-tenanted industrial building, Stro will renovate and reposition it into a functional superstar.
Ridgewood, NJ – April 26, 2018 – This week the Stro Companies (“Stro”) acquired 475 Mola Boulevard in Elmwood Park, New Jersey. The property consists of a 45,000 square foot light industrial building, located at the confluence of Interstate 80, Route 46 and the Garden State Parkway. The building was acquired for $4.1 million from an owner occupant.
Stro will relaunch the asset with a complete reposition and upgrade program including interior and exterior improvements. Stro’s “Value Add” philosophy is based on repositioning industrial properties to meet tenant demands and maximize value. “Our plan is to upgrade and reposition the building, from two units, into four functional superstar units. Combined with the asset’s outstanding location, loading, parking and walkable amenities, we expect to lease the asset’s remaining 32,000 square feet of vacant space quickly” said Todd Minerley Director of Acquisitions and Leasing. He further stated” We continue to seek great opportunities like 475 Mola Boulevard in the Northern New Jersey Markets. We thank Thomas Ryan, Jeff DeMagistris and Thomas Vetter of NAI James E. Hanson for bringing us this exceptional acquisition opportunity.”
The acquisition was financed by SB One Bank. “A local Bergen County bank, they immediately understood the market and the asset’s exceptional location. They provided us with the right financing structure and tools to acquire and reposition 475 Mola Boulevard.” said Mike Lachs Director of Finance and Investments.
Stro is focused on acquiring industrial properties with a “Value Add” component in Northern New Jersey Market. “475 Mola Boulevard is the thirteenth property we’ve acquired in just over three years.” Said Mike Lachs Director of Finance and Investments. He further added “We have developed a successful program to find, close and stabilize great Northern New Jersey “Value Add” investments in a Seller’s Market. We are constantly searching for new deals for our investment pipeline.”
Founded in 1994 by Steven Millstein, The Stro Companies (“Stro”) maintains a portfolio of over 2 million square feet of investments in industrial, flex/industrial, and multi-family properties. Stro actively pursues new “Value-Add” and “Stabilized” small to medium size industrial real estate acquisitions in Northern New Jersey. The company also invests with outside operators in commercial real estate opportunities throughout the United States.
Director of Finance & Investments
Director of Acquisitions & Leasing