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Aurora Industrial, LLC announced the acquisition of a 15-asset industrial portfolio in Cleveland, Ohio, totaling approximately 2.9 million square feet. The seller, Premier Development Partners, was advised by CBRE National Partners. This portfolio has been developed over 15 years and features a mix of tenants across different industries. CEO Mukang Cho expressed confidence in Aurora's growth in the Cleveland area, anticipating future scaling opportunities. The acquisition highlights the increasing interest in the Cleveland industrial market, as noted by CBRE Vice Chairman Michael Caprile.
Positive
Acquisition of 2.9 million square feet of industrial properties expands Aurora's footprint in Cleveland.
Diverse mix of tenants offers potential for stable cash flow.
Strategic acquisition expected to facilitate future growth in the Cleveland market.
Negative
None.
NEW YORK--(BUSINESS WIRE)--
Aurora Industrial, LLC (“Aurora”) announced that it closed on a 15-asset industrial portfolio, comprised of approximately 2.9 million square feet, in Cleveland, Ohio. The seller of the Cleveland portfolio was Premier Development Partners, one of the leading development firms in Cleveland (“Premier”). The seller was advised by CBRE National Partners in the disposition of the Cleveland portfolio.
The Cleveland portfolio was acquired and/or developed by Premier over the past 15 years and is comprised of a diverse mix of tenants in industries ranging from home furnishings to logistics.
Mukang Cho, CEO of Aurora, commented, “Premier has assembled a portfolio of exceptionally well-located, functional buildings throughout the Cleveland MSA. We are excited for Aurora to establish a presence in Cleveland through this strategic acquisition and expect to scale our platform over the coming years in the MSA.”
Premier was formed in 2006 and has developed some of the most significant industrial properties in the Cleveland MSA. A key property that Premier developed and is part of the portfolio Aurora acquired is 51 East Hines Hills Road in Boston Heights. This property serves as the global headquarters and largest distribution and warehousing hub of Arhaus, Inc. (NASDAQ: ARHS).
“Premier is a Cleveland company and will continue to maintain a strong local presence in this market. Given our roots, it was important to us to find the right buyer for this portfolio. I am confident Aurora will be a great steward of these assets and look forward to working with Aurora on future opportunities,” commented Spencer Pisczak, Premier’s President.
Michael Caprile, Vice Chairman of CBRE, noted, “This deal demonstrates the increasingly robust fundamentals of the Cleveland industrial market. As more institutional industrial investors take notice of the best-kept secret in the US Midwest, we expect more trades like this to follow.”
About Aurora Industrial, LLC
Aurora Industrial, LLC (“Aurora”) is a platform company launched by BTG Pactual Strategic Capital, Morning Calm Management, LLC and Grupo Patio targeting acquisitions of US$ 1+ billion of U.S. Midwest industrial real estate. Aurora owns 25 properties totaling over 4.5 million square feet.
About Premier Development Partners
Premier Development Partners (“Premier”) is a full-service, privately held design-build, construction, and commercial real estate development company specializing in development/redevelopment, build-to-suits, construction management, property management, and acquisition in the areas of industrial, office, mixed-use, hospitality, and educational facilities.
About CBRE
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.
For More Information:
Brittain Henderson Aurora Industrial c/o BTG Pactual, Global Distribution
Email: brittain.henderson@btgpactual.com
Phone: +1 (212) 293-4647
Source: Aurora Industrial, LLC
FAQ
What did Aurora Industrial acquire in Cleveland?
Aurora Industrial acquired a 15-asset industrial portfolio totaling approximately 2.9 million square feet.
Who advised Premier Development Partners on the sale?
CBRE National Partners advised Premier Development Partners during the sale of the Cleveland portfolio.
What industries are represented in the Cleveland portfolio?
The Cleveland portfolio features tenants in industries ranging from home furnishings to logistics.
How long did it take to develop the Cleveland portfolio?
The Cleveland portfolio was developed by Premier over the past 15 years.
What is the significance of this acquisition for Aurora?
This acquisition allows Aurora to establish a presence in Cleveland and is expected to support future growth in the area.
