Freestanding industrial building to hit market for leasing
The STRO Cos. and Millstein Family Office recently added another industrial asset to its portfolio, this one in Essex County.
On Sept. 29, the Ridgewood-based firm announced closing its acquisition of 123 Lehigh Drive in Fairfield, a 45,000-square-foot warehouse.
Zimmel Associates President and Co-founder David Zimmel represented both the seller and the buyer in the transaction. Neither financial terms nor the seller were disclosed.
“We are proud to add 123 Lehigh to our portfolio,” said Senior Director of Acquisitions and Capital Markets Jack Shulman. “Lehigh was an easy decision for us to move forward on. 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.”
The property is located off Route 46 with direct access to Interstate 80 via Route 23. It features 24-foot clear ceiling heights, three loading docks and a fully air-conditioned facility.
According to The STRO Cos. Director of Leasing Elliot Ferris, the firm plans to bring the building to market for lease immediately.
“Lehigh is a special building,” he said in a statement. “There are not many like it in the market. It offers industrial tenants the rare opportunity to secure a facility with high ceilings and with full air conditioning. Given how scarce good industrial product is these days, we believe we will attract a wide pool of tenants that require a facility with the mechanical capabilities of Lehigh.”
According to Schulman, The STRO Cos. recently opened an office in Florida, as it pursues an expansion that particularly targets warehouses in North Jersey and the southeastern U.S. “We … have a considerable amount of capital to deploy in either core+, value-add, or opportunistic acquisitions,” he said.