Stro Delivers New Location for Priority Express
The Stro Companies leases 34,300 square feet to Priority Express at 510 Ryerson Road, Lincoln Park, NJ.
Ridgewood, NJ – July 17, 2017 – The Stro Companies (“Stro”) announced it leased 34,300 square feet of distribution space at 510 Ryerson Road to Priority Express. Priority Express is a leading provider of expedited logistics services in Pennsylvania, New York, Delaware, Virginia and New Jersey. Powered by the latest state-of-the-art technology, Priority Express provides customized “Last Mile” delivery services for a wide variety of businesses, from home-based entrepreneurs to large Fortune 500 companies. With an exceptional access to I-80 and I-287 as well as Routes 46 and 202, 510 Ryerson was a great geographic fit for Priority Express’ logistics model,
“The property’s address is Lincoln Park, but to “Last Mile” logistics operators, it’s superior to a many I-80 corridor locations like Fairfield locations. Today’s tenants are looking harder and smarter at the real costs of occupancy. 510 Ryerson’s combination of location, lower operating cost and outstanding functional utility make good business sense” said Todd Minerley Director Acquisitions & Leasing.
Stro acquired 510 Ryerson in March of 2016, 65% occupied and quickly leased 75% of the building area in three transactions. “Given the exceptional location and functional utility of the property, we knew this asset would be well-received by the market. However, the reality was much better than we anticipated. We think our leasing and marketing program really made this property shine” Mike Lachs Director of Finance & Investments.
Since 1994, Priority Express has set the standard in the transportation and logistics industry. The company’s mission is to provide customized solutions to meet their customer’s requirements for timely and secured services. Priority Express, delivers constant and seamless communication. The company takes great pride for being the leading expedited logistics partner using the latest state-of-the-art technology. GPS live tracking and up-to-the-minute ETA’s allows Priority Express customers to constantly view, track, and trace all shipments with 24/7 online access to account activity.
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.