The Stro Companies, a Ridgewood-based real estate firm, announced Thursday it has closed on an industrial portfolio in Woodland Park.
The two-property portfolio consists of two buildings, located at 25 Andrews Drive and 228 Lackawanna Ave., totalling approximately 100,000 square feet.
“This purchase allowed us to acquire two well located properties in our core market that align perfectly with our portfolio. We were able to purchase the properties at a very attractive basis. This is a very challenging market to acquire properties at values that make sense. We were able to check many boxes including strong investment return, high-quality construction and desirable location,” Todd Minerley, director of acquisitions and leasing, Stro, said.
“The buildings are completely stabilized with the ability to increase value in the very near future. Our business is all about adding value and we were able to stay true to our investment strategy with this purchase. The upside potential will be derived from the existing, below market leases and our experience in restoring properties to high standards,” Minerley said.
The portfolio consists of multiple tenants ranging from 5,000 to 20,000 square feet, Stro said.
“In this challenging environment, a great opportunity exists when you are able to make a deal happen without overextending in response to seller’s high price expectations,” Zach La Motta, associate, Stro, said. “Ultimately, we were able to get the deal done at a price point that makes a lot of sense in light of any impending market corrections or economic shifts.”
Financial terms were not disclosed.