STRO Lands Refi for New Jersey Industrial Facility
City National Bank provided the five-year loan.
The STRO Cos. has secured a $14.5 million refinancing loan for a multi-tenant industrial facility totaling 115,084 square feet in Wyckoff, N.J.
JLL Capital Markets negotiated on behalf of the borrower, while City National Bank originated the five-year fixed-rate loan.
The property is at 500 W. Main St. on a 13-acre lot, providing easy access to interstates 287 and 80. Additionally, New Jersey routes 208 and 17 are nearby, allowing easy connectivity through Bergen County and New Jersey State. The Red Hook Marine Terminal and Newark Liberty International Airport are both 34 miles away, while Port-Newark Elizabeth Marine Terminal is 38 miles from the property.
The shallow bay industrial facility is fully leased to 12 tenants including DaklaPack U.S., Bergen Anesthesia Group, Cole Medical Inc., Annco Industrial Metal Fabrication and AWP Safety among others, according to CommercialEdge. The Class B property came online in 1966 and features 21-foot clear heights, nine drive-in doors, six dock doors, cross-dock configuration and 115 vehicle parking spots.
Notable deals attracting lenders
Senior Managing Director Michael Klein, Senior Director Max Custer and Analyst Christian Badalamenti with JLL Capital Markets represented The STRO Cos. Last week, JLL was involved in another loan agreement nearby. The company represented Turnbridge Equities in securing a $80.3 million acquisition loan for a three-building industrial collection in Bayonne, N.J. Waitex International sold the asset in a $91.5 million deal.
Meanwhile, Prologis paid $166.8 million for a 600,000-square-foot warehouse in South Brunswick, N.J. The property is backed by a $50 million loan, originated by Principal Financial Group in 2020 and due to mature in 2030.
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