The STRO Cos. announced Thursday that it has acquired 404 Sette Drive in Paramus, a 52,800-square-foot commercial building located at the crossroads of Route 17, Route 4 and the Garden State Parkway.
Don’t expect it to be the last warehouse the company purchases.
Jack Shulman, director of acquisitions and capital markets for STRO, said it is in the midst of an expansion.
“We are eager to continue purchasing more industrial warehouses in northern New Jersey and the Southeast region of the United States,” he said. “We have a considerable amount of capital to deploy, and are interested in either core+, value-add or opportunistic acquisitions.”
STRO Chief Operating Officer Jeffrey Buchman said the Sette Drive address is one STRO officials feel will be a highly desirable location for future tenants.
“Given the strong demand for product like 404 Sette Drive, we see this building as a core hold,” he said. “Proximity to major highways and the affluent residential areas surrounding Paramus make 404 Sette a second-to-none location.”
“This is a phenomenal location and an incredible property,” he said. “We are appreciative to the seller and the broker, Bill Farkas of Jeffery Realty, for bringing this transaction to a successful close.”