The joint venture has approvals in place for a 205,000-square-foot, newly constructed Class A industrial building. The property is located at 1150 McBride Ave. It formerly was the headquarters for Kearfott Guidance & Navigation.
Completion of the building with 36’ clear, cross-docked with significant container and employee parking is expected by the end of the first quarter of 2022. Demolition of an existing 220,000-square-foot building is set to begin this summer.
Jack Shulman, director of leasing, acquisitions & capital markets at Stro, said the firm is eager to do another project with KRE.
“This is a quintessential infill location that 20 million people can be reached within a one-hour drive, which makes it well suited for tenants focused on the last-mile,” he said.
The joint venture has significant experience with freezer/refrigeration installations and can accommodate this type of use.
“Quality development sites in infill locations are extremely scarce,” Shulman said. “The combination of identifying viable properties and the land-use complexities make this project quite unique.
“The fact that we closed on this site with full entitlements and were able to design a building that accommodates tenants from 30,000 to 200,000 square feet with cross loading that caters well to the tenant market, is a real testament to the KRE and Stro teams.”
United Realty’s John Friedland and Mark Tannen represented the seller in this transaction. Evan Glanz of E Glanz Associates served as lead counsel in closing the deal and Daniele Cervino of Beattie Padovano LLC was the environmental counsel.