The STRO Cos. on Monday said it recently closed on the acquisition of a small-bay industrial building in Fairfield.
Located at 97 Fairfield Road, the asset is a 76,560-square-foot Class B facility situated off Route 46 and with direct access to Interstate 80 via Route 23. The property is fully leased with small-bay units ranging from 8,000 to 13,000 square feet with 22-foot clear ceilings.
“Our team worked hard to get this transaction closed quickly. We have a long-term relationship with the seller and were able to accommodate them with an expedited closing,” Albert Fitch, STRO’s managing director of acquisitions and capital markets, said. “97 Fairfield is the perfect example of quality small-bay product that we strive to own. There is considerable value to be create in buildings like 97 Fairfield and we actively looking to acquire similar product.”
The seller was represented by Howard Weinberg of JLL.
“The STRO Cos., who we have had a long time relationship with, was able to acquire another quality industrial property in the strong Fairfield submarket. Very few of these types of opportunities present themselves. We are glad all parties were able to work together to bring this transaction to a successful conclusion,” Weinberg said.
