The Stro Companies Acquire Landmark Route 17 Property Formerly Occupied by “The Party Box”
FOR IMMEDIATE RELEASE:
THE STRO COMPANIES ACQUIRE 240 ROUTE 17 SOUTH, LODI, NJ – A LANDMARK ROUTE 17 PROPERTY FORMERLY OCCUPIED BY THE “PARTY BOX”
The Stro Companies acquire 240 Route 17 South, Lodi, NJ – Stro acquires the former “Party Box” building, one of Bergen County’s most well-known and iconic freestanding retail locations.
Ridgewood, NJ – June 18, 2018 – Last week the Stro Companies (“Stro”) acquired 240 Route 17 in Lodi, New Jersey. The property, a 26,500 square foot freestanding retail building, was home of the “Party Box”, a local party good store, for decades. A “Landmark” of the Route 17 highway retail corridor, Stro acquired this iconic retail property vacant for $4 million from the former owner occupant. 240 Route 17 South has a long history as a successful retail location. The Property’s ideally designed to meet the needs of a variety of tenants from traditional retailers to todays “Clicks & Bricks” retailers looking for properties that also have ecommerce capabilities.
A driving factor in Stro’s acquisition of the property is its location and visibility. “Location, location, location… has always been the hallmark of great retail assets. Few properties if any in Northern New Jersey have visibility from a greater number of passing vehicles. The property offers clear unobstructed views from Route 17 and Interstate 80 producing combined traffic counts of nearly 300,000 vehicles daily. Millions of people see this property every week. The building is as much a billboard, as it is a great retail location. The property will offer instant exposure and “Landmark” status to next tenant” said Todd Minerley director of acquisitions and leasing. He further added “When we learned there was an opportunity to acquire this asset, we moved quickly to buy it. We are grateful to Gregg Hoffman and Michael Brown of McBride Corporate Real Estate for bringing us this exceptional opportunity.”
Stro’s “Value Add” philosophy is based on repositioning properties to meet tenant demands and maximize value. Occupied by the Party Box party supply retailer for decades, Stro will relaunch the asset with a complete reposition and upgrade program. As part of that process Stro will bring the interior and exterior of the property back to a vanilla box status, providing a clean palette for the next tenant’s vision for the property.
The acquisition was financed by the Bank of New Jersey (“BONJ”). “We needed to close quickly. Based in Bergen County, BONJ instantly knew the property, its strengths and the rare investment opportunity it represented. Their knowledge of the asset and our existing relationship, made our decision to finance the acquisition with BONJ an easy one” said Mike Lachs director of finance and investments.
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