The STRO Cos. recently announced it closed on announced its second trade in a week, with the acquisition of two small-bay buildings in the Ironbound section of Newark.
Located at 202-231 Vanderpool Ave., the multibuilding industrial portfolio is extremely desirable from a logistics perspective.
The property is comprised of two multitenant buildings totaling 45,500 square feet across 13 units, with immediate access to Interstates 78 and 95, as well as Routes 21 and 9 and just minutes from Newark Liberty International Airport and the Port of Newark.
“We are very excited about this transaction. Our team has been extremely optimistic on small-bay industrial products in key infill markets. Small space has become scarce and there is tremendous demand for businesses that need this type of product,” Jack Shulman Sr., director of acquisitions and capital markets, said. “We plan to proceed with renovations to the building and create one of the premier small-bay building offerings in the Ports.”
In announcing this transaction, STRO noted there will be an opportunity for tenants to lease space in the buildings in the near future.
“We will be bringing to market some incredible small-bay product over the next four months. Several spaces, ranging from 1,800 square feet to 4,000 square feet, will be made available. This is an extremely rare opportunity to secure a small warehouse space next to Newark airport,” Elliot Ferris, STRO’s director of leasing, said.