228 Lackawanna Avenue, Woodland Park, NJ
WOODLAND PARK, NJ—The Stro Companies acquired its third property in the past nine months, two buildings totaling approximately 100,000 square feet in Woodland Park, NJ. The two-property portfolio consists of 25 Andrews Drive and 228 Lackawanna Avenue, which are adjacent to one another.
“This purchase allowed us to acquire two well located properties in our core market that align perfectly with our portfolio,” says Todd Minerley, director of acquisitions and leasing for Stro. “We were able to purchase the properties at a very attractive basis. This is a very challenging market to acquire properties at values that make sense. We were able to check many boxes including strong investment return, high-quality construction and desirable location,”
“In this challenging environment, a great opportunity exists when you are able to make a deal happen without overextending in response to seller's high price expectations,” says Zach La Motta, associate at Stro. “Ultimately, we were able to get the deal done at a price point that makes a lot of sense in light of any impending market corrections or economic shifts.”
“The buildings are completely stabilized with the ability to increase value in the very near future,” says Minerley. “Our business is all about adding value and we were able to stay true to our investment strategy with this purchase. The upside potential will be derived from the existing, below market leases and our experience in restoring properties to high standards.”
The portfolio contains multiple tenants ranging from 5,000 to 20,000 square feet.
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Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
