E-commerce is the future
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.