$14.5M refinancing secured for multi-tenant industrial property in Bergen County, NJ

MORRISTOWN, N.J., May 5, 2025 – JLL Capital Markets announced today that it secured a $14.5 million refinancing for 500 W Main Street, a 115,084-square-foot multi-tenant industrial facility in Wyckoff, New Jersey.

JLL worked on behalf of the borrower, The STRO Companies, to secure the five-year, fixed-rate loan through City National Bank.

Built in 1966, the shallow bay property features 21-foot clear heights, six dock doors, nine drive-in doors and 115 parking spaces. The facility is fully leased to 12 tenants across manufacturing, distribution and service industries.

The property benefits from an advantageous location in Bergen County, New Jersey, featuring strong regional connectivity, infill dynamics, impressive market fundamentals and population density. Situated in close proximity from NJ Route 208, I-287 and NJ Route 17, tenants have efficient access via the State’s extensive highway infrastructure. Additionally, the property is 22 miles from both Newark International Airport and the Port of New York and New Jersey, two major gateways for international trade.

“We are thrilled to have completed a successful refinancing with JLL and CNB. This transaction not only underscores the continued demand for multi-tenanted industrial properties in Northern New Jersey but also strengthens our position in the market,” said Albert Fitch, Managing Director at The STRO Companies.

The JLL Capital Markets team was led by Senior Managing Director Michael Klein, Senior Director Max Custer and Analyst Christian Badalamenti.

"500 West Main Street presented an excellent refinancing opportunity given its prime infill location, diverse tenant roster and strong sponsorship profile," added Klein. "We were able to secure attractive terms that will allow the sponsor to capitalize on the property's mark-to-market potential."

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources, please visit JLL’s newsroom. 

Founded in 1994 by Steven Millstein to service the Millstein Family office, The STRO Companies has grown into a leading investor and operator of Commercial Real Estate assets in the Tri State area and Florida. With a portfolio comprising of 4 million square feet, The STRO Companies continues to expand focusing on transforming underperforming assets into stabilized, performing opportunities. https://stro.com/

City National Bank, a subsidiary of Royal Bank of Canada, is the largest bank headquartered in Los Angeles with $94 billion in assets as of October 31, 2024. Founded in 1954, City National provides personalized banking, investment and trust services in select markets including Los Angeles, Orange County, San Diego, the San Francisco Bay Area, New York City, Nashville, Atlanta, Delaware, Las Vegas, Washington D.C. and Miami.* In addition, the company and its investment affiliates manage or administer $103 billion in client investment assets. City National is dedicated to strengthening communities, and in 2023 alone, the company made more than $11 million in charitable contributions to nonprofits that support the communities it serves. For more information about City National, visit the company's website at cnb.com.