The Stro Cos. has acquired the former The Party Box landmark building in Bergen County for $4 million, it announced Tuesday.
The 26,500-square-foot property, located at 240 Route 17 South in Lodi, was home of the “Party Box”, a local party good store for decades, Stro said.
Stro picked up the property, it said, due to its location and visibility.
“Location, location, location … has always been the hallmark of great retail assets. Few properties, if any, in northern New Jersey have visibility from a greater number of passing vehicles. The property offers clear unobstructed views from Route 17 and Interstate 80 producing combined traffic counts of nearly 300,000 vehicles daily. Millions of people see this property every week. The building is as much a billboard, as it is a great retail location. The property will offer instant exposure and landmark status to (its) next tenant,” said Todd Minerley director of acquisitions and leasing.
Bank of New Jersey provided financing for the acquisition,
“We needed to close quickly. Based in Bergen County, BONJ instantly knew the property, its strengths and the rare investment opportunity it represented. Their knowledge of the asset and our existing relationship, made our decision to finance the acquisition with BONJ an easy one,” said Mike Lachs, director of finance and investments.