Press Release brought to you by The Stro Companies

THE STRO COMPANIES ACQUIRES THREE BUILDING 95,000 SQUARE FOOT BERGEN COUNTY INDUSTRIAL PORTFOLIO

05/02/2016

THE STRO COMPANIES ACQUIRES THREE BUILDING 95,000 SQUARE FOOT BERGEN COUNTY INDUSTRIAL PORTFOLIO

The Stro Companies acquires a three building, 95,000 square foot, multi-tenanted industrial/flex portfolio in Teterboro and Northvale.

Ridgewood, NJ – May 2, 2016 – Today The Stro Companies (“Stro”) acquired a multi-tenanted, three building, industrial/flex portfolio encompassing 95,000 square feet for $7,000,000. Located in Teterboro and Northvale, the portfolio includes the following properties:

 

  • 370 North Street, Teterboro, NJ is a three unit, 27,000 square foot flex industrial building with near direct access to Interstate 80’s Exit 65 (Green Street).  The building was acquired 100% occupied. The building features a corporate exterior and ample parking.

 

  • 235 Pegasus Avenue, Northvale, NJ is a three unit 50,000 square foot flex industrial building. Acquired 80% occupied, the majority of the building is leased to Deluxe Media, a leading provider of services to the entertainment industry including film, television and other media outlets.  Located a short walk from Northvale’s retail core, the Property provides its tenants with a full array of convenient amenities.

 

  • 245 Pegasus Avenue, Northvale, NJ is a single tenanted 18,000 square foot industrial building featuring 17 foot clear ceilings.  Similar to 235 Pegasus Avenue, this property has exceptional access to local amenities.   

 

“We were pleased to acquire three, well-located and leased assets in highly demanded Bergen County locations.  We were particularly pleased to add the Teterboro asset to the portfolio.” said Todd Minerley Director of Acquisitions & Leasing.   “This acquisition features properties in our core operating area.  The locations, tenancies and quality of these assets are a synergistic fit to our portfolio.  This acquisition is the third acquisition for Stro in the last two (2) months.  Over the last year we have completed six (6) transactions encompassing just under 500,000 square feet with a transactional volume of approximately $30,000,000.   We are pleased we have been able to consistently grow the portfolio with great performing assets in top Northern New Jersey submarkets.  We expect similar growth over the next year” said Mike Lachs, Director of Finance & Investments.   

 

The transaction was brokered by Lori Zuck and Alex Previdi of Transwestern.

 

Founded in 1994 by Steven Millstein, The Stro Companies (“Stro”) maintains a portfolio of over 1.5 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. 

 

 

CONTACTS:

 

MICHAEL LACHS

Director of Finance & Investments

(201) 251-2912

mlachs@stro.com

 

TODD MINERLEY

Director of Acquisitions & Leasing

(201) 251-2916

tminerley@stro.com

05/02/2016 - 10:45

Source

The Stro Companies

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