The STRO Cos. purchased 300 Route 17, an 81,000-square-foot, Class B small-bay industrial building in Mahwah, the company announced Tuesday.
The seller and the price were not disclosed.
The property currently is fully leased, with seven tenants in small bay units ranging from 7,000 to 16,000 square feet with 19-foot clear ceilings, but Elliot Ferris, STRO’s director of leasing, said a 10,000-square-foot bay will become available soon.
“This is a rare opportunity for a tenant to lease 10,000 square feet of high-quality warehouse space with up to 50 parking spaces,” Ferris said. “We look forward to bringing the space to market for lease in the near future.”
Jack Shulman, STRO’s senior director of acquisitions and capital markets, thanked JLL for its efforts in closing the sale.
“This was a team effort for all involved and showed how close collaboration and building relationships lead to a positive outcome for everyone,” he said. “We are greatly appreciative of the brokers at JLL, the sellers and Brian Tish at Valley Bank for their diligent efforts in bringing this transaction to a close.
Founded in 1994 by Steven Millstein to service the Millstein family office, the STRO Cos. has grown into a leading investor and operator of commercial real estate assets in the tri-state area, with a portfolio comprising 4 million square feet.
“It is a turbulent time in the banking world; having a banking partner who continues to grow with us and understand our market adds tremendous value to transactions like this one.”
The JLL marketing team representing the seller was led by Managing Directors Marc Duval, Jordan Avanzato and Howard Weinberg, Directors Nicholas Stefans and Jason Lundy and Senior Managing Director Jose Cruz.
Avanzato said the industrial market remains hot.
“We have seen significant investor appetite for multitenanted, shallow-bay product with short term (weighted average lease term), as the lack of new deliveries continues to fuel market rent growth,” he said.