6B — June 14 - 27, 2019— Northern New Jersey — M id A tlantic

Real Estate Journal


N orthern N ew J ersey Perkins, Allessio and Somple of NAI James E. Hanson assis in transaction Stro aquires two-property industrial portfolio in Hackensack totaling 83,000 s/f

ACKENSACK, NJ — The Stro Companies announced the pur- chase of a two-property portfo- lio in Hackensack, spanning a total of 83,000 s/f. The Stro Companies (STRO) acquired 211-215 S. Newman St. in Hackensack. The prop- erty consists of two industrial buildings comprising of 65,000 SF of divisible space and an 18,000 s/f of freestanding space. STRO, in sticking with its fo- cus on acquiringmiddle-market industrial properties with a value-add component, will be adding significant interior and exterior improvements as it H

looks to fill the spaces. “We are thrilled to add the Hackensack properties to our portfolio, dem- onstrating our continued ability to find value in this incredibly tight Northern New Jersey in- dustrial market,” said Mitchel Kay , COO& general counsel at STRO. “These properties bring our acquisition count to eleven within about the last eighteen months.” “We look forward to imme- diately enhancing the façade and interior improvements and providing significant value to tenants in the current supply- constrainedmarket,” said Zach La Motta , who spearheaded

the acquisition for STRO. “The buildings are well-located im- mediately off of I-80 and pro- vide easy access to NJTPKE, Rtes. 17, 46, 4 and the Garden State Parkway” continued La Motta. “We particularly want to thank Scott Perkins, Justin Allessio, and Andrew Som- ple of NAI James E. Hanson for bringing us this tremendous opportunity.” The purchase comes at the tail-end of two other portfolio acquisitions in Woodland Park and Clifton. STRO also owns 100 Commerce Way in Hack- ensack, which is fully leased. The deal was financed by SB

months. Consistent with its mission to aggressively identify and ac- quire middle market industrial properties in Northern New Jersey, The Stro Companies (STRO) announced the acquisi- tion of 450 West First Ave. in Roselle, a stand-alone property consisting of 35,000 s/f of space and fully leased to FedEx. “We are excited to expand our holdings in Union County, in- creasing our presence towards the port area, and are thrilled to have a credit tenant like FedEx here for the foreseeable future,” said La Motta. “The building is well-located im- mediately off of Route 28 and the Garden State Parkway and provides easy access to Routes 22, 82, 9, I-78 and I- 95.”  CBRE draws out of state apartment buyers to Hudson County Hudson County, NJ — Hudson County has caught the attention of out of state buy- ers for existing and stabilized newer construction apart- ment buildings. Demographic trends, asset quality, and transportation access have driven this demand. Wi thin the pas t year , CBRE’s Nat Gambuzza and Manny Sanghera have rep- resented the sale of three Hudson County apartment properties that were sold to out of state investors. The properties totaled 142 units for a value of $57.05 million, averaging $401,760 per unit. The most recent transaction was the sale of One23 in Union City. This 9-story, 80-unit building was sold for $31.25 million to Maya Capital, a NYC based real estate group. Built in 2018, One23 is one of the newest non-waterfront properties to come online in Union City. High demand for quality units assured quick lease-up and the property was sold with 100% occupancy. The third similar transac- tion was the sale of Jaclyn 32, located at 5609 Jefferson Street, West New York, New Jersey. This property was built in 2014 and purchased by Abigail Associates from New York. The buyer was attracted to the quality of construction, the need for limited capital re- serves, and modern amenities that have a positive impact on future rent growth. 

One Bank . “The team at SB One Bank, particularly Vince Forma, Joe Lamoriello and Ryan Peene , could not have made this transaction any easier,” said James Keenoy, director of real estate capital markets at STRO. “Their abil- ity to understand our business plan and provide a flexible and thoughtful structure added tre- mendous value to the transac- tion - and ultimately our ability to reposition the assets.” STRO adds 35,000 s/f indus- trial building in Roselle to its portfolio, bringing its acquisi- tion total to approximately 275,000 s/f over the last six

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