The STRO Cos. closed on a freestanding industrial building in Fairfield, according to a recent announcement.
Located at 123 Lehigh Drive, the structure is a 45,000-square-foot industrial building just off Route 46 and with direct access to Interstate 80 access ramps via Route 23. The facility offers tenants the ability to have 24-foot clear ceilings, three loading docks and a fully air-conditioned facility in the heart of Fairfield.
“We are proud to add 123 Lehigh to our portfolio,” Jack Shulman, senior director of acquisitions and capital markets for the STRO Cos., said. “Lehigh was an easy decision for us to move forward on. The property is directly adjacent to our building at 140 Clinton Road and less than a mile from two others. 123 Lehigh offers us long-term value in a market we see a lot of potential in.”
Both the seller and buyer were represented by David Zimmel of Zimmel Associates.
STRO Director of Leasing Elliot Ferris stated that STRO plans to bring the building to market immediately for lease.
“Lehigh is a special building. There are not many like it in the market. It offers industrial tenants the rare opportunity to secure a facility with high ceilings and with full air conditioning. Given how scarce good industrial product is these days, we believe we will attract a wide pool of tenants that require a facility with the mechanical capabilities of Lehigh,” Ferris stated.
In announcing this transaction, STRO also noted its expansion plans.
“We are eager to continue purchasing more industrial warehouses in northern New Jersey and the Southeast Region of the United States. We recently opened an office in Florida and have a considerable amount of capital to deploy in either core-plus, value-add or opportunistic acquisitions,” Shulman said.