The Ridgewood-based STRO Cos., together as a provider to the Millstein Family Office, on Monday said it obtained a $13.5 million loan from City National Bank for 15 Law Drive in Fairfield.
Jack Shulman, senior director of acquisitions and capital markets of STRO, represented the ownership group in-house.
“We are pleased to have worked on another transaction with City National Bank,” Shulman said.
The 78,000-square-foot, Class B industrial facility has 18-foot clear ceilings, one drive-in, four docks and ample parking for trailers and employees. The property also has direct access to Routes 46 and 23 as well as Interstate 80.
In the third quarter of 2022, STRO was able to secure Showman Fabricators as a long-term tenant for the building.
In announcing this transaction, STRO also noted its expansion plans.
“We are eager to continue purchasing more industrial warehouses in northern New Jersey and Florida. We have a considerable amount of capital to deploy and are interested in either core-plus, value-add or opportunistic acquisitions,” Shulman said.