The Stro Companies announced recently it has closed on a 78,000-square-foot industrial property located in Fairfield.
The Ridgewood-based real estate firm said it acquired the property in an off-market transaction from an undisclosed seller.
The last-mile property, located at 140 Clinton Road, is fully occupied by two tenants. It has 21-foot ceilings, land for trailer parking and is within close access to Route 46, interstates 80, 280 and 287, the Garden State Parkway and the New Jersey Turnpike.
“This was a phenomenal acquisition to say the least.” Jack Shulman, director of acquisitions & capital markets at Stro, said. “There have been only a handful of industrial properties traded in 2020 and COVID-19 has only further increased the competitiveness of this asset class. To have secured such a great property with 21-foot clear ceilings, excess land for trailer parking, four sides of circulation, upside in rents — and in such a challenging time — really is a testament to STRO’s capabilities on executing and sourcing quality deals.”
Sheldon Gross Realty’s Robert Nathin represented the seller in the deal. Murphy Schiller & Wilkes LLP’s Charles J. Wilkes served as lead counsel in the closing for Stro. The deal was financed by Lakeland Bank. Financial terms were not disclosed.