The Stro Cos. announced Friday it has acquired two industrial buildings in Hackensack.
The properties, located at 211-215 Newman St., consist of a building with 65,000 square feet of divisible space and an 18,000-square-foot freestanding space.
Stro said it will be adding interior and exterior improvements at the properties as it looks to fill them.
“We are thrilled to add the Hackensack properties to our portfolio, demonstrating our continued ability to find value in this incredibly tight northern New Jersey industrial market,” Mitchel Kay, chief operating officer and general counsel, Stro, said. “These properties bring our acquisition count to eleven within about the last 18 months.”
“We look forward to immediately enhancing the façade and interior improvements and providing significant value to tenants in the current supply-constrained market,” Zach La Motta, who spearheaded the acquisition for Stro, said.
La Motta said the buildings are within close access to Interstate 80, the New Jersey Turnpike, routes 17, 46 and 4, and the Garden State Parkway.
“We particularly want to thank Scott Perkins, Justin Allessio and Andrew Somple of NAI James E. Hanson for bringing us this tremendous opportunity,” La Motta said.
The deal was financed by SB One Bank.
“The team at SB One Bank, particularly Vince Forma, Joe Lamoriello and Ryan Peene, could not have made this transaction any easier,” James Keenoy, director of real estate capital markets, Stro, said. “Their ability to understand our business plan and provide a flexible and thoughtful structure added tremendous value to the transaction — and, ultimately, our ability to reposition the assets.”