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STRO lands $25M refinancing for Wayne industrial asset
Ridgewood firm also adds small bay Florida site in partnership with KRE Group
Jessica Perry//July 12, 2024//
415 Hamburg Turnpike in Wayne is a 353,000-square-foot last-mile industrial facility. PROVIDED BY THE STRO COS.
415 Hamburg Turnpike in Wayne is a 353,000-square-foot last-mile industrial facility. PROVIDED BY THE STRO COS.
STRO lands $25M refinancing for Wayne industrial asset
Ridgewood firm also adds small bay Florida site in partnership with KRE Group
Jessica Perry//July 12, 2024//
The STRO Cos. this week announced closing a $25 million refinancing for a last-mile industrial facility in Wayne.
Truist Bank provided the funding, according to a July 11 announcement from the Ridgewood-based commercial real estate investor and operator.
STRO has held the 353,000-square-foot property, located at 415 Hamburg Turnpike, for more than 30 years. The company said the site has remained fully leased throughout its ownership.
STRO Managing Director of Acquisitions and Capital Markets Albert Fitch said the company was “thrilled” to close the transaction with Truist. “We are eager to continue purchasing more industrial warehouses in Northern New Jersey and the Southeast Region of the United States,” Fitch commented. “We have a considerable amount of capital to deploy and are interested in core+, value-add, and opportunistic acquisitions.”
Florida
At the end of June, STRO made such a play in the Southeast.
The company announced its third acquisition in the region with Jersey City-based KRE Group June 26. The partnership added a 48,000-square-foot small bay industrial portfolio in Florida in an off-market transaction facilitated by JLL.
1901 Mears Parkway in Margate comprises two buildings located near Interstate 95, the Florida Turnpike and other main roadways. Units at the building range from 1,000 square feet to 8,000 square feet.
“Our team is very excited about this transaction. We have been aggressively pursuing assets in South Florida and are happy to have secured another quality building that aligns with our core business plan of purchasing infill small & shallow bay logistics properties,” said STRO Director of Southeast Acquisitions Kevin Bramhall. He added that the company looks forward to announcement more deals in the Sunshine State in the coming months.
According to its website, STRO’s portfolio features million square feet overall. Currently, that includes three Florida properties.
“We are excited to add 1901 Mears Parkway to our growing portfolio in the Southeast,” stated KRE Group President Jonathan Kushner. “This acquisition reflects our strategy of investing in prime industrial properties and reinforces our commitment to expanding our presence in South Florida through continued collaboration with The STRO Companies.”
