The Millstein Family Office and the STRO Cos. closed on 147 Falstrom Court, a single-tenant industrial building in Passaic, on the border of Clifton.
The property is a 90,000-square-foot industrial warehousing and manufacturing facility located at the crossroads of Routes 21 and 2, the Garden State Parkway and Interstate 80, making it a highly desirable location for access to New York City.
“Given the strong demand for industrial and warehousing, 147 Falstrom’s proximity to New York City and residential areas provides future tenants with incredible value for last-mile distribution and manufacturing,” STRO Chief Operating Officer Jeffrey Buchman said in a prepared statement.
“This is a phenomenal location and acquisition for all involved in the transaction,” said Jack Shulman, director of acquisitions and Capital Markets for the STRO Cos. “147 Falstrom fits well into our business model and is very close in proximity to three other buildings we own in Clifton.”
Shulman also noted his hopes to obtain more properties of this caliber in the future.
“We are eager to continue purchasing more industrial warehouses in northern New Jersey and the Southeast region of the United States. We have a considerable amount of capital to deploy and are interested in either core-plus, value-add or opportunistic acquisitions,” Shulman added.
The Millstein Family Office and STRO were represented by James McNerney, senior vice president for McBride Corporate Real Estate.