STRO closes 6th industrial deal in 2019

On Oct. 8, the Ridgewood company announced it purchased a 120,000-square-foot industrial property at 500 W. Main St. for an undisclosed price.

The building, which sits on 14 acres and boasts 21-foot clear ceilings, is 90 percent occupied, STRO said.

Financing was provided by Millington Bank, with Newark-based Murphy Partners LLP’s Kellen Murphy serving as lead counsel in the closing.

“This acquisition provides another last mile distribution hub to our portfolio and accounts for the third Bergen County property in the past four months,” Mitchel Kay, chief operating officer and general counsel at STRO, said in a prepared statement.

According to STRO, the firm currently maintains a portfolio of more than 30 industrial properties at over 2 million square feet.