Moda Foods’ new lease in Fairfield takes The STRO Cos. building at 123 Lehigh Drive to full occupancy.

Cushman & Wakefield announced the 22,523-square-foot transaction Feb. 22. The recently renovated industrial building boasts 40,000 square feet and a prime North Jersey location, just off Route 46 and Interstate 80.

According to STRO Cos. Senior Director of Leasing and Acquisitions Elliot Ferris, following its initial purchase in 2022 the team embarked on a repositioning project at the site.

“Lehigh was an easy decision for us to move forward on,” STROS Cos. Senior Director of Acquisitions and Capital Markets Jack Shulman said at the time of the acquisition. “The property is directly adjacent to our building at 140 Clinton Road and less than a mile from two others. 123 Lehigh offers us long term value in a market we see a lot of potential in.”

‘A preferred location’

The property at 123 Lehigh Drive features 24-foot clear heights, two dock doors, a recently repaved and restriped parking as well as new LED lighting throughout.

Ferris added they “were able to procure two strong, long-term tenants with Cushman & Wakefield’s guidance and persistence over the last year.”

Woodland Park-based Moda Foods distributes more than 250 frozen, refrigerated and dry foods. That includes mainly desserts, such as Macaroons, Turkish Baklavas and Turkish Delights. The company says it has a global reach and currently serves restaurants and markets in 25 states.

A CushWake team of Vice Chair Bill Waxman, Senior Associate Morgan Nitti, Director Jeff Volpi, Mindy Lissner and David Gheriani represented STRO Cos. Meanwhile, Resource Realty Senior Vice President Brian Wilson represented Moda Foods.

“Located in the heart of the northeast distribution corridor, 123 Lehigh Drive is a preferred location for industrial users, as it boasts exceptional accessibility to both the New Jersey and New York markets,” commented Waxman. “We are excited to welcome Moda Foods to the building with a lease for the remainder of the property’s vacant space, bringing total occupancy to 100%.”

Cushman & Wakefield’s industrial report for the fourth quarter of 2023 found the local market closed the year with “robust momentum.” The period saw the most new leasing since Q1 2022. In Essex county, the vacancy rate at the close of Q4 2023 was 5.4%, on par with the overall average of 5.6%.

According to the global commercial real estate services firm, that renewed demand suggests potentially sustained leasing improvements in 2024.