Located at 798 Frelinghuysen Ave., the asset is situated on nearly 5 acres in the highly desirable Port Market, adjacent to Newark Liberty International Airport, the Port of Newark, Route 22, Interstates 95, 78 and 278.
STRO Chief Operating Officer Jeffrey Buchman said: “Frelinghuysen is the perfect location for warehousing and distribution. Given its location, being at the crossroads of major interstates and minutes from the ports, we see tremendous value in this property.”
“798 Frelinghuysen was attractive on multiple levels for us,” said Jack Shulman, director of acquisitions and capital markets for STRO. “Its location is unparalleled, providing any future tenants with the ideal location to house and distribute goods to the New York metro area. With Newark growing and rising in prominence, we see this asset as a core holding and one that will continue to be in demand for years to come.”
“Demand for well-located industrial space in New Jersey remains at unprecedented levels, making a key asset like 798 Frelinghuysen an attractive acquisition for us,” said Jonathan Kushner, president of KRE Group. “The significant investment across all asset classes in Newark will only serve to strengthen the value and upside of this property.”
“The location and size of this land makes it a particularly noteworthy addition to our portfolio,” said Marc Berson, chairman of Fidelco Realty Group. “We were excited to partner with STRO and KRE on this venture. Newark’s renaissance continues to touch all corners of this great city and we are proud to be part of its progress.”
The sale was facilitated by Brian Silbert and Joel Tomlinson of Silbert Realty & Management Co., longtime leasing and managing agents for the seller.
“Based upon the location, valuations of the property and strong attributes it had, we aggressively marketed the site on behalf of the seller, a private family. Ultimately, they selected a partnership led by the Millstein Family and STRO as a great, qualified buyer to achieve a successful outcome for the seller,” Silbert said.