The Stro Companies (“Stro”) announced it has recently completed 45,000 square feet of leasing activity at 475 Mola Boulevard (“475 Mola”), Elmwood Park.
Shortly after acquiring 475 Mola Boulevard in Elmwood Park with no leases in place, Stro fully leased the 45,000 square foot industrial property. The leases were signed with Best Value Kosher (“Best Value”), Achieve Fitness and Digirad Corporation (“Digirad”). “We knew when we acquired this property it would be instantly demanded by tenants. A functional superstar with near direct access to Interstate 80, Route 46 and the Garden State Parkway, we leased 90% of the available space a week after closing” said Todd Minerley Director of Acquisitions & Leasing. “The market has responded almost instantly to our repositioning plan for this asset. Over the last three years we have refined the implementation of our repositioning and marketing strategies to maximize the speed of new acquisition leasing. We are quite pleased to have accomplished so much, so quickly” said Michael Lachs Director of Finance & Investments.
The largest new lease signed at 475 Mola was Best Value, a leading distributor of kosher dairy products. The company is relocating from Newark. The company will be converting the majority of its warehouse space to cold storage areas and USDA rooms. The latest lease signed at the property was with Digirad, a leading provider of diagnostic and imaging equipment to the healthcare industry.
The building’s listing brokerage team was Jeff DeMagistris, Thomas Vetter, Thomas Ryan of NAI James E. Hanson. Digirad was represented by Harold Imperatore of JLL.
Founded in 1994 by Steven Millstein, The Stro Companies (“Stro”) maintains a portfolio of over 2 million square feet of investments in industrial, flex/industrial, and multi-family properties. Stro actively pursues new “Value-Add” and “Stabilized” small to medium size industrial real estate acquisitions in Northern New Jersey. The company also invests with outside operators in commercial real estate opportunities throughout the United States.
Director of Finance & Investments
Director of Acquisitions & Leasing