The STRO Cos. refinanced 211-215 S. Newman St. in Hackensack with a $11 million loan from Valley Bank, according to a Monday announcement.
The asset is a multibuilding, 81,000-square-foot industrial facility with 15-foot clear ceilings, three drive-in doors, 11 docks and ample parking for trailers and employees. The property is located directly off Interstate 80 and provides tenants easy access to the New York metro area.
In the fourth quarter of 2022, STRO was able to secure Diaz Wholesale, Mittera Group and John Mini Distinctive Landscapes as a long-term tenants for the building.
Jack Shulman of STRO represented the ownership group in-house, securing financing with Valley Bank.
“It was great to see this project reach a successful conclusion and provide another opportunity to work with Valley,” said Shulman, STRO’s senior director of acquisitions and capital markets. “Valley was a great partner in refinancing this asset due to their ability to move fast and understanding of industrial assets. We are pleased to have partnered with them on another transaction and look forward to others in the future.”
“We are excited to expand and deepen our longstanding relationship with the STRO Cos.,” remarked Brian Tish, deputy department head of Commercial Real Estate North for Valley. “Successful collaboration is made easy when organizations share similar viewpoints on investment asset classes and the geographic markets for which they operate within.”
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+, value-add or opportunistic acquisitions,” said Shulman.