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Acquisitions

Steel Equities pays $53M for 333 Johnson Avenue

E-commerce is the future

Picture of current development site (credit: Google Maps)

Joseph and Glenn Lostritto’s Steel Equities has acquired 333 Johnson Avenue from Normandy Real Estate Partners, Princeton Holdings, and Royalton Capital for $53 million. The vacant warehouse spans 161,000 square feet.

Be Smart: As demand from e-commerce companies continues to rise for last-mile distribution centers, tenanting a vacant warehouse has become easier. The sellers were planning an office conversion, while the buyer will keep the property for industrial purposes, according to TRD.

Flashback: The sellers paid $26.8 million for the property in 2015.

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