Proceeds from Truist Bank to refinance 415 Hamburg Turnpike
RIDGEWOOD, NJ — The STRO Companies (STRO), a real estate services provider for The Millstein Family Office, has closed on $25 million in proceeds from Truist Bank to refinance 415 Hamburg Turnpike, an asset the firm has held for over 30 years.
415 Hamburg Turnpike is a last-mile industrial facility comprised of over 353,000 s/f in Wayne, NJ. The asset provides excellent connectivity to local suburban markets, New York City, and the Ports of Newark, providing tremendous value to their tenants. The property has continued to remain fully leased throughout STRO’s ownership.
“We are thrilled to have completed this transaction with Truist.” said Albert Fitch, STRO’s Managing Director of Acquisitions and Capital Markets. “We are eager to continue purchasing more industrial warehouses in Northern New Jersey and the Southeast Region of the United States. We have a considerable amount of capital to deploy and are interested in core+, valueadd, and opportunistic acquisitions,” said Fitch.
STRO announced closing on its small-bay Fairfield, NJ industrial building.
97 Fairfield Road is a 76,560 s/f class B industrial facility. The property is located off Route 46 and has direct access to I-80 ramps via Route 23. The property is fully leased with small bay units ranging from 8,000 to 13,000 s/f 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” said Albert Fitch STRO’s Managing Director of Acquisitions and Capital Markets. Fitch added, “97 Fairfield is the perfect example of quality small bay product that we strive to own. There is considerable value to be created in buildings like 97 Fairfield and we actively looking to acquire similar product.”
The seller was represented by Howard Weinberg of JLL. “The Stro Companies, who we have had a long time relationship with, was able to acquire another quality industrial property in the strong Fairfield, NJ 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,” said Howard Weinberg.