The STRO Cos. and The KRE Group acquire 117,000 s/f industrial property in Elmwood Park, NJ

ELMWOOD PARK, NJ – The STRO Cos. and The KRE Group have expanded their New Jersey industrial portfolio with the acquisition of 1 Paul Kohner Place in Elmwood Park less than three months after acquiring the contiguous site of 5 & 30 Paul Kohner Pl., totaling to 240,000 s/f situated on 13 acres in infill Northern New Jersey.

The expansion further advances STRO's strategy of acquiring well-located industrial real estate in supply-constrained New Jersey submarkets. The property offers 15-to-22-ft clear heights, 10 loading docks, 5 drive-in doors, 4,000 amps of power and is fully leased to Paige Packaging. Cushman & Wakefield represented the seller in the transaction.

“The acquisition of 1 Paul Kohner Place completes the Paul Kohner Place assemblage. There are very few 13-plus acre sites left in Bergen County and infill Northern New Jersey, and fewer with frontage on I-80 and the Garden State Parkway,” said Eli Millstein, STRO’s Director of Acquisitions and Capital Markets. “Add excellent access, meaningful power, zoning flexibility and real repositioning optionality over time, and it was a high-conviction opportunity that we moved quickly to execute on.”

Financing for the acquisition was provided by IDB Bank.

“We're pleased to continue our long-term partnership with STRO, said Jonathan Kushner, KRE Group’s president. “This is an assemblage that would be extremely hard to replicate in a location this infill, and we look forward to optimizing this unique site.”