The property asset involved in the transaction is an industrial facility located at 97 Fairfield Road in Fairfield. The sale price was $13,600,000 for a total square footage of 76,560, resulting in a price per square foot of $177. The facility is a Class B industrial property, fully leased, featuring small bay units ranging from 8,000 to 13,000 square feet with 22-foot clear ceilings. The property is situated off Route 46 with direct access to I-80 ramps via Route 23.

Summary of transaction details:

• Property Type: Industrial
• Transaction Amount: $13,600,000
• Address: 97 Fairfield Road
• Market: Fairfield
• Asset Size: 76,560 SF
• Price Per Square Foot: $177
• Buyer: Steven Millstein, Albert Fitch & Elliot Ferris - The STRO Companies
• Seller: Steve Kessel - Kessel Associates
• Seller's Representative: Howard Weinberg - JLL

Albert Fitch, STRO’s Managing Director of Acquisitions and Capital Markets, stated, “Our team worked hard to get this transaction closed quickly. We have a long-term relationship with the seller and were able to accommodate them with an expedited closing.” He also mentioned that “97 Fairfield is the perfect example of quality small bay product that we strive to own,” highlighting the company’s objective to acquire similar properties with considerable value.