M id A tlantic Real Estate Journal — New Jersey — October 16 - 29, 2020 — 5B
www.marej.com
N ew J ersey
AIRFIELD, NJ — The Stro Companies (STRO) has closed on Nathin of Sheldon Gross Realty represent seller in off-market transaction The Stro Companies adds 78,000 s/f industrial property in Fairfield, NJ F
and retail sectors. “Transi- tioning into the industrial real estate market has been a goal of mine for the last few years. It is no secret that the industrial sector, par- ticularly in Northern New Jersey, has been an incred- ible performer over the last five years due to the surge of e-commerce,” said Shulman. “Moreover, COVID-19 forced most to use online delivery which further strengthened the already strong industrial asset class. This has enabled STRO, despite the challeng- ing debt markets, to have viable debt options.” MAREJ
a 78,000 s/f i ndus t r i a l p r o p e r t y l ocated at 140 Clinton Rd. in Fair- f i e l d . The Ridgewood- based firm acquired the
Jack Shulman
property in an off-market transaction from an uniden- tified seller. The two-tenanted, last- mile property is currently fully occupied, boasts 21’ ceil- ings, excess land for trailer parking, provides tenants with easy access to several major highways, and has an abundance of parking for both employees and tractor trailers. The property is well- situated along Route 46, with near or immediate access to I-80, I-280, I-287, the Garden State Parkway and the New Jersey Turnpike. “This was a phenomenal acquisition to say the least.” said Jack Shulman , direc- tor of acquisitions & capital markets at STRO. “There have been only a handful of industrial properties traded in 2020 and COVID-19 has only further increased the competitiveness of this asset class. To have secured such a great property with 21’ clear ceilings, excess land for trailer parking, four sides of circulation, upside in rents – and in such a challenging time - really is a testament to STRO’s capabilities on executing and sourcing qual- ity deals.” Robert Nathin of Shel- don Gross Realty rep- resented the seller in this transaction. Charles Wil- kes of Murphy Schiller & Wilkes LLP served as lead counsel in closing the deal for Stro. The deal was financed by Lakeland Bank , led by Anibal Badim and Len Carlucci . Shulman joined STRO in January of 2020, as the director of acquisitions & capital markets. Shulman is also currently spearheading STRO’s leasing efforts. He brings with him a stellar 15- year track record working in acquisitions, development, asset management and capi- tal markets, primarily in the multifamily, commercial,
140 Clinton Rd.
EXCLUSIVE PROPERTIES FOR SALE
Belleville, NJ 7 Units and 3 Garages Tom Scatuorchio ext 255
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Asbury Park, NJ 13 Units Daniel Lanni ext 248
Old Bridge, NJ 7 Units and 1 Commercial Space Matt Weilheimer ext 253
Chatham, NJ 2 Units and 2 Retail Tom Scatuorchio ext 255
Roxbury, NJ 14,200 SF Retail Building Tom Scatuorchio ext 255
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