The STRO Cos. said Monday that it arranged two separate loans from Capital One totaling $22 million to refinance warehouse properties in Lincoln Park and in Union.
The Lincoln Park asset is 148,000 square feet located at 510 Ryerson Road. It has 24-foot clear ceilings, 22 loading docks and one drive-in. The property is in close proximity to Interstates 287 and 80, serving as an ideal last-mile distribution facility for tenants.
In Union, 600 Green Lane spans 88,000 square feet, serving as a single tenant
warehouse distribution freezer/cooler facility with 14 loading docks and one drive-in. The property provides flawless access to the Port of Newark submarket, Newark Liberty International Airport and Interstates 95 and 78.
“We are pleased to have consummated another transaction with Capital One,” said Jack Shulman, STRO’s director of acquisitions and capital markets. “Louis Rosado, Katie Kennedy and their team were great to work with, and we look forward to continuing to do more business with them in the future.”