March 26, 2024

Real Estate New Jersey | STRO, KRE ink deal with HVAC manufacturer to lease up Jacksonville facility

By Joshua Burd

The STRO Cos. and Kushner Real Estate Group have secured a tenant for a nearly 33,000-square-foot industrial building in Jacksonville, Florida.

Daikin Comfort, a manufacturer of HVAC systems, will occupy the full building at 1934 West Beaver St., a 3.2-acre property with a secured and paved half-acre of outdoor storage area. The deal comes roughly six months after STRO and KRE announced their acquisition, which gave way to negotiations with the tenant and major upgrades to the facility.

“This was a positive transaction for all involved,” said Elliot Ferris, senior director of leasing and acquisitions with STRO. “We were able to provide Daikin Comfort with a compelling structure to stay, that involved significant upgrades to the building to bring it back to modern industrial standards.”

The joint venture announced the deal Friday, noting that the 32,700-square-foot building also has 27- to 32-foot clear ceiling heights, five loading docks and two oversized drive-in doors.

“Securing Daikin Comfort as the full-building tenant for 1934 West Beaver Street reflects our ability to transform acquisitions into thriving assets that meet the evolving needs of industry leaders,” said Jonathan Kushner, president of KRE Group.

Albert Fitch, STRO’s managing director of acquisitions and capital markets, added: “We are actively acquiring industrial warehouses in northern New Jersey and the Southeast region of the United States. Our national platform is well capitalized, allowing us to move swiftly, offer favorable terms, and execute transactions.”