The Stro Companies announced Thursday it has added an industrial building in Roselle to its 275,000-square-foot portfolio.
The portfolio is a combination of acquisitions over the past six months, Stro said.
The 35,000-square-foot building, located at 450 West First Ave., is a stand-alone property fully-leased to FedEx.
“We are excited to expand our holdings in Union County, increasing our presence towards the port area, and are thrilled to have a credit tenant like FedEx here for the foreseeable future,” Zach La Motta, associate at Stro, said
La Motta said the building is immediately off of Route 28 and the Garden State Parkway and is within close access to routes 22, 82, 9 and interstates 78 and 95.
“Since the end of December 2018, we have added seven industrial buildings in prime Northern New Jersey submarkets to our portfolio totaling approximately 275,000 square feet,” Mitchel Kay, chief operating officer and general counsel, Stro, said. “It is a true testament to the outstanding team we currently have in place. Additionally, we particularly want to thank Thomas Kirczow of NAI DiLeo-Bram for bringing us this opportunity.”
The deal, Stro said, was financed through Signature Bank.
“Signature’s team of John Zieran, Zach Bermudez and Lubna Syed were a pleasure to work with,” James Keenoy, director of real estate capital markets, Stro, said. “Understanding our attractive cost basis as well as the property’s unique attributes, Signature was able to structure around an impending rollover and provide a sensible financing solution.”
Financial terms were not disclosed.