16C — May 26 - June 8, 2017 — Industrial / Distribution Centers — M id A tlantic

Real Estate Journal


I ndustrial R eal E state & D istribution C enters Including a three building 128,000 s/f multi-tenanted flex industrial park The Stro Companies acquires five buildings encompassing 210,000 s/f located in Northern NJ R idgewood, NJ – — The Stro Companies (Stro) announced the

acquisition of five buildings encompassing 210,000 s/f pur- chased in separate transactions from different sellers. The prop- erties included: • 1110 Springfield Rd., 50 Milltown Rd. and 60 Milltown Rd., Union, a three building 128,000 s/f multi-tenanted flex industrial park located just off the Rte. 22 Retail Corridor and minutes from I-78, The Garden Pkwy., Newark Liberty Airport and port facilities. The park was acquired “Off-Market,” 98% occupied and features

1110 Springfield Rd.

18-20 Industrial Rd

industrial units from 10,000 to 30,000 s/f. Stro acquired the property in May for $7 million. The acquisition was financed by Millington Bank . • 111 Moonachie Ave., Moon- achie is a 52,000 s/f flex in- dustrial building featuring 7 units. Located in the heart of the Meadowlands, the property is located directly across the street from Teterboro Airport and a short distance from Rtes. 17, 3 and the NJ Tpke.. Stro is creating value by installing a façade enhancement and bring- ing the property up to date. The property was acquired with one vacancy - a 7,000 s/f unit well-suited for retail, flex industrial or showroom uses. The property was acquired in March at cost of $5.3 million. The acquisition was financed by Malvern Bank . • 18 Industrial Rd., Fairfield is a multi-tenanted flex indus- trial building encompassing 30,000 s/f. Easily accessible from Rte. 46 and I-80, Stro leased the property to two tenants within 30 days of ac- quisition. Stro will be install- ing upgrades to the building’s exterior, strengthening the market position of an already exceptional asset. The property was acquired in January for $2.4 million. The acquisition was financed by the Bank of New Jersey . “In a tough buying market we have continued to excel at finding true “Value Add” opportunities in New Jersey’s best industrial markets. Core to our success is working closely with the brokerage community and sellers to get transactions closed quickly. Brokers know we can and will deliver for their clients.” said Todd Minerley director of acquisitions & leasing. n

Prism specializes in a variety of unique real estate projects including adaptive redevelopment and new urbanism. The company invests with institutional and private capital sources that rely on the firm’s ability to identity and realize potential in real estate investments of all sizes and types. Prism’ stewardship delivers excellence from each project’s conception through disposition. More information regarding Prism and its projects can be found at www.prismpartners.net E DWIN H. C OHEN E UGENE R. D IAZ P RINCIPAL P RINCIPAL

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