Stro Acquires Bergen County Industrial Portfolio

370 North Street, Teterboro, NJ

TETERBORO AND NORTHVALE, NJ—The Stro Companies has acquired a multi-tenanted, three-building, industrial/flex portfolio in Teterboro and Northvale totaling 95,000 square feet for $7 million. The portfolio includes the following properties:

• 370 North Street, Teterboro, NJ is a three-unit, 27,000 square foot flex industrial building with near direct access to Interstate 80′s Exit 65 (Green Street).  The building was acquired fully occupied. The building features a corporate exterior and ample parking.
• 235 Pegasus Avenue, Northvale, NJ is a three-unit 50,000 square foot flex industrial building. Acquired 80 percent occupied, the majority of the building is leased to Deluxe Media, a leading provider of services to the entertainment industry including film, television and other media outlets.  Located a short walk from Northvale’s retail core, the property provides its tenants with a full array of convenient amenities
• 245 Pegasus Avenue, Northvale, NJ is a single-tenanted 18,000 square foot industrial building featuring 17-foot clear ceilings.  Similar to 235 Pegasus Avenue, this property has exceptional access to local amenities.

“We were pleased to acquire three, well-located and leased assets in highly demanded Bergen County locations.  We were particularly pleased to add the Teterboro asset to the portfolio,” says Todd Minerley , director of acquisitions & leasing. “This acquisition features properties in our core operating area.  The locations, tenancies and quality of these assets are a synergistic fit to our portfolio.” The transaction was brokered by Lori Zuck and Alex Previdi of Transwestern .