Northern NJ — The Stro Companies has successfully refinanced five industrial properties totaling 340,000 s/f in Northern New Jersey with Kearny Bank for a combined $27,800,000. The properties are located at; 1110 Springfield Rd. in Union, 235 & 245 Pegasus Ave. in Northvale, 370 North St. in Teterboro, and 500 W Main St. in Wyckoff. All the properties have an abundance of loading docks, drive-ins, high ceilings for warehousing-distribution, and adequate truck circulation. They are all located in infill submarkets where there is a tremendous demand for last-mile distribution and e-commerce tenants.
“We are thrilled to have consummated these refinances with Kearny Bank. Despite the obvious setbacks associated with COVID-19, Kearny was able to swiftly execute on these transactions and were very competitive on pricing,” said Jack Shulman, director of leasing, acquisitions and capital markets at STRO. “Banks are eager to lend on low leverage, stable, multitenant industrial assets that are located in north New Jersey, where majority of STRO’s portfolio is located,” said Shulman.
“Special thank you to Kearny Bank’s Gary Brozowski for making these transactions seamless. We look forward to working with Kearny on future financing needs and greatly appreciate having them as our capital partner.” Said Shulman.
Shulman added, “we have capital on the sidelines and are looking to deploy in either core, value-add, or ground up industrial in northern NJ. It is a competitive marketplace, and we have a great team at STRO that can execute quickly and provide immediate feedback when offered a deal.”
Founded in 1994 by Steven Millstein, The Stro Companies are generational owners actively pursuing both value-add and stabilized industrial real estate acquisitions in Northern New Jersey. They currently maintain a portfolio of over 32 properties comprising of approximately 2.5 million s/f of industrial properties.