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. /zigman2/quotes/230666270/composite ARHS -9.40% .
“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.
CBRE Group, Inc. /zigman2/quotes/208868148/composite CBRE -2.70% , 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.
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SOURCE: Aurora Industrial, LLC
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