The Stro Companies announced recently it has acquired an 83,000-square-foot, two-property portfolio in Hackensack.
The buildings, located at 211-215 S. Newman St., are comprised of 65,000 square feet of divisible space and 18,000 square feet of freestanding space.
“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 eighteen months.”
The portfolio is within close access to the New Jersey Turnpike, routes 17, 46 and 4, and the Garden State Parkway, Stro said.
“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.
The deal was financed through SB One Bank, Stro said.
“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 at 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.”
Financial terms were not disclosed.