Kushner Real Estate Group and the Stro Companies have closed on a 16-acre property in Woodland Park, New Jersey, and have approval to build a large industrial building.
Developing the 205,000 square-foot, Class A building will require demolishing a slightly larger structure on the site, 1150 McBride Avenue. Construction is to begin this summer and finish in the first quarter of next year.
“We are extremely excited to be partnering on another great project with KRE,” said Jack Shulman, director of leasing, acquisitions and capital markets at Stro, in a statement. “Quality development sites in infill locations are extremely scarce.”
The property — formerly home to Kearfott Guidance and Navigation — is located where Interstate 80 and Route 46 intersect.
Kushner Real Estate, a property investment and management company based in Jersey City, was founded in 1979 by Eugene Schenkman and Murray Kushner, the brother of Kushner Companies co-founder Charles Kushner.
United Realty’s John Friedland and Mark Tannen represented the seller in the transaction.
The property is a sizable addition to the portfolios of both KRE and Stro.
KRE’s multi-family holdings exceed 9,000 existing apartments, with another 7,000 in various stages of approval and construction. The company also owns and manages
more 6 million square feet of office, warehouse and retail space.
Stro, founded by Steven Millstein in 1994, has more than 30 properties, comprising approximately 2.5 million square feet.