Industrial portfolio changes hands for $40 million

Add Treeview Real Estate Advisors LP of Philadelphia to the roster of owners of large industrial buildings in Northeast Ohio after a $40 million acquisition.

Cuyahoga County land records show that Treeview Cleveland LLC acquired the industrial buildings March 17 and 18. The portfolio includes a Solon building at 28600 Fountain Parkway and three in Strongsville, at 20784 Westwood Drive, 23221 Morgan Court and 21848 Commerce Parkway.

Treeview Cleveland was formed by Teresa Tsai, a New York attorney who is listed as the CEO of Treeview Real Estate Advisors. Tsai has an international law practice, according to her LinkedIn profile.

The seller was an affiliate of Falcon Real Estate Investment Management of Chicago, which has owned the properties since 2006, according to Cuyahoga County property records. Falcon represented a group of Swiss institutional investors in the purchase.

Experts describe the sale as a quiet one because multiple agents in the region had not heard that the buildings, which were built between 1998 and 2005, were on the market.

The structures have a total of 887,047 square feet of industrial and office space, according to Cuyahoga County records.

Tsai did not return two emails and two phone messages about the purchase of the portfolio.

George Pofok, a principal at the Cushman & Wakefield Cresco real estate brokerage in Independence, said the sale shows continued interest by out-of-town investors in Northeast Ohio, because they are able to obtain a better rate of return here than on the coasts, where industrial prices are significantly higher.

Tim Breckner, a senior vice president at the Cleveland office of Colliers International, said the properties cover two of the best industrial markets in Northeast Ohio, as the Solon structure is in the southeast industrial market and Strongsville in the southwest.

“There’s no sign that the industrial market is slowing down,” Breckner said.