CLEVELAND — Aurora Industrial LLC has acquired a 15-property industrial portfolio spanning approximately 2.9 million square feet in metro Cleveland for an undisclosed price. CBRE represented the seller, Premier Development Partners, which acquired or developed the portfolio over the past 15 years. A key property is 51 East Hines Hills Road in Boston Heights. The building serves as the global headquarters and largest distribution and warehousing hub for home furnishings retailer Arhaus Inc. BTG Pactual Strategic Capital, Morning Calm Management LLC and Grupo Patio launched Aurora Industrial, which targets acquisitions of Midwest industrial real estate. The company owns 25 properties totaling more than 4.5 million square feet.
HILLSBORO, ORE. — Trammell Crow Co. (TCC) has completed the sale of an industrial facility located at 3600 NE Huffman St. in Hillsboro. Principal Real Estate Investors acquired the 195,546-square-foot property for an undisclosed price. Hitachi High-Tech America (HTA) plans to occupy the asset, which is known as Hitachi Center of Excellence in Portland, and will utilize the building for semiconductor engineering. HTA plans to be fully operational at the new facility in 2023. The 18-acre site offers additional land that can accommodate an expansion of 100,000 square feet to 130,000 square feet. HTA is an affiliate company that operates within Hitachi Group Cos. to sell and service semiconductor manufacturing equipment, analytical instrumentation, scientific instruments and bio-related products, as well as industrial equipment, electronic devices, and electronic and industrial materials. Paige Morgan, Charles Safley, Tom Pehl, Lou Senini and Chais Lowell of CBRE represented TCC in the sale. Kristin Hammond and David Saad, also of CBRE, represented HTA in the lease negotiations. The project team included Mildren Design Group and Perlo Construction. David Etchart of CBRE Project Management led the tenant project management team, and Lauren Peng of CBRE Property Management acted as the property manager on behalf of the …
WESTMONT, ILL. — JLL Capital Markets has brokered the sale of Oakmont Point in the western Chicago suburb of Westmont for $21.7 million. The Class A office building spans 92,553 square feet and rises three stories. Completed in 2019, Oakmont Point is 91 percent leased to two tenants, JLL and Ryan Cos. US Inc. Sam DiFrancesca, Patrick Shields, Jaime Fink, Jeffrey Bramson and Bruce Miller of JLL represented the seller, Ryan Cos. Sidra Capital, which previously owned the property in a joint venture partnership with Ryan Cos., was the buyer. Lucas Borges, Claudio Sgobba and Christopher Carroll of JLL arranged a 10-year, fixed-rate acquisition loan through a multinational investment bank.
SAN GABRIEL, CALIF. — SRS Real Estate Partners has arranged the sale of a grocery-anchored retail center located at 7260 Rosemead Blvd. in San Gabriel. A West Coast-based owner and operator sold the property to a Hong Kong-based buyer for $10.9 million. Situated on 1.8 acres, the three-tenant center was built in 1960 and renovated in 2017 and 2018. Grocery Outlet, Bank of America and Wingstop occupy the 25,510-square-foot property. Matthew Mousavi and Patrick Luther of SRS’ Investment Properties Group represented the seller in the deal.
UPPER SADDLE RIVER, N.J. — New Jersey-based brokerage firm Wellington Real Estate has negotiated the sale of Sherbrooke Office Center, a 75,000-square-foot building in Upper Saddle River, located near the New York-New Jersey border. The four-story building is located at 600 E. Crescent Ave. Wellington represented the seller, Sherbrooke Holding Co. LLC, in the transaction. Additional terms of sale were not disclosed.
NEW YORK CITY — Locally based investment and management firm Fimida Enterprises, in partnership with a private investor, has acquired a portfolio of four multifamily properties totaling 13 units and 17,000 square feet that are located in various neighborhoods of Queens. The sales price was $7 million. Ben Normatov and Lev Mavashev of Alpha Realty represented the seller, Portela Realty, and Fimida Enterprises in the off-market transaction. ConnectOne Bank provided $4.9 million in acquisition financing. Jake Gluck of Fortune Capital Group arranged the debt.
WHEAT RIDGE, COLO. — Evergreen DevCo has completed the disposition of Outlook Clear Creek Apartments, a multifamily community at 4040 Clear Creek Drive in Wheat Ridge. Seagate Colorado Partners acquired the asset for $142 million. Built in 2021, Outlook Clear Creek features 310 apartments in a mix of one- and two-bedroom layouts spread across an array of two- and four-story buildings. Units feature picket backsplashes in the kitchen, deep farm undermount sinks, spacious closets and walk-in showers. The community is situated on 12.5 acres within the 110-acre Clear Creek Crossing mixed-use development. The live-work-play community is anchored by the SCL Health Lutheran Medical Campus, which is slated for completion in 2024. Dave Martin and Brian Mooney of NorthMarq’s Denver-based investment sales team represented the seller in the transaction.
SAN DIEGO — McMillin has completed the disposition of Eighteen Ten State Street, a Class A multifamily property located at 1810 State St. in San Diego’s Little Italy neighborhood. An undisclosed buyer acquired the asset for $64.4 million, or $650,500 per unit. The eight-story property offers 99 units with wood-plank style flooring, floor-to-ceiling windows, bay and city skyline views, nine-foot ceilings, walk-in closets, in-unit laundry, quartz countertops, stainless steel appliances and average floor plan sizes of 721 square feet. Community amenities include a village patio, sky spa, hotel-inspired lobby and horizon lounge. Darcy Miramontes, Kip Malo, Tim Wright and Bharat Madan of JLL Capital Markets Investment Sales and Advisory team represented the seller in the deal.
FEDERAL HEIGHTS, COLO. — JLL Capital Markets has secured $60 million in financing for the acquisition of Lodge on 84th, a garden-style multifamily community in Federal Heights, approximately 13 miles north of Denver. The borrower is Carroll. Tony Nargi, Matt Steffen and Kevin Barron of JLL Capital arranged the four-year, floating-rate bridge loan with a one-year extension option through a large insurance company. Located at 1327 W. 84th Ave., Lodge on 84th features 300 apartments.
JURUPA VALLEY, CALIF. — San Diego-based Stos Partners has purchased a vacant industrial facility located at 10220 San Sevaine Way in Jurupa Valley. A private company sold the asset for $19.8 million. Built in 1986 on 8.2 acres, the 139,000-square-foot property includes 7,000 square feet of office space, 16 docks, three drive-in doors and 1,600 amps of power. Additionally, the asset features a large secured storage yard with drive-around truck access and a long truck queuing lane. Stan Nowak and Cody Lerner of Avison Young represented the buyer, while Nowak, Lerner and John Pinjuv, also of Avison Young, represented the seller in the deal.