22A — April 2025 — Commercial Real Estate Across America — M id A tlantic Real Estate Journal
www.marej.com
C ommercial R eal E state A cross A merica
NJ-firm acquires fully leased, 2 bldg. industrial prop. Accordia bolsters Carolinas portfolio with 46,400 s/f
Lee & Associates-Tampa broker transaction STRO and KRE Group announce FL acquisition
C
HARLOTTE, NC — Accordia announced that it has acquired
a 46,400 s/f, two-building shallow-bay portfolio in the Union County sub - market of Charlotte. This marks the firm’s
TAMPA, FL — The STRO Companies (STRO) and KRE Group announced the acquisition of a two-building, 43,000 s/f industrial portfolio in Florida. This purchase in - cludes a 20,380 s/f industrial building located at 425 Hobbs St. in Tampa, and a 22,887 s/f building situated at 558 Stuart Ln. in Jacksonville. The portfolio was purchased off-market from the current occupier in a sale-leaseback transaction. The assets in - clude excess land for outdoor storage, making them perfect for last mile-distribution in two high-growth markets. The partnership between The STRO Companies and KRE Group aims to enhance their industrial real estate footprint in the region, providing high- quality industrial spaces to meet the growing demand. The acquisition was han - dled internally by STRO’s senior managing director Al- bert Fitch and director of Southeast Acquisitions, Kevin Bramhall , who played a pivot - 425 Hobbs Steet in Tampa
al role in securing the deal. The transaction was brokered by Jessica Mizrahi, SIOR and Jackson O’Neill of Lee & As - sociates Tampa Bay - whose expertise, relationships and dedication were instrumental in the successful completion of this portfolio acquisition. “These hyper infill assets complement our existing in- dustrial portfolio and perfectly align with our investment thesis of acquiring functional, well-located assets in high- growth markets in the south- east.” said Kevin Bramhall, STRO director of Southeast Acquisitions “Our expansion into Flori - da’s industrial market reflects KRE Group’s strategic ap - proach to identifying high- quality assets in high-growth regions,” said Jonathan Kushner , president of KRE Group. “These properties align with our vision of long- term value creation, and we’re excited to partner with STRO to strengthen our presence in the Southeast.” MAREJ 558 Stuart Lane in Jacksonville
Matthew Pizzolato
second acquisition in the Carolinas as it continues its strategic expansion beyond the Northeast. The off-mar - ket transaction was sourced through Foundry Commercial. Located at 135-141 Cupped Oak Dr. in Stallings, North Carolina, the property was constructed in 1999 and 2004 and feature highly functional, flexible spaces tailored to the region’s industrial tenants. With 18-foot clear heights, 11 dock-high doors, and 9 drive-in doors, the park accommodates a variety of tenant needs. Suite sizes range from 7,000 to 16,200 s/f, offering the flexibility to scale spaces in response to mar- ket demand. At the time of sale, the property was 100% leased to five tenants. The acquisition is strategical - ly located in the Union County submarket, one of Charlotte’s most supply-constrained in- dustrial areas. With a vacancy rate below 0.50% for shallow bay product, the market faces a limited supply of new devel - opment and a high percentage of owner-occupied buildings. Charlotte’s broader industrial sector has experienced record- breaking absorption, height - ened transaction activity, and an 11% year-over-year rental rate increase from Q1 2023 to Q1 2024, with continued growth expected throughout the year. “We are thrilled to add 135- 141 Cupped Oak Dr. to our portfolio,” said Matthew Piz- zolato , executive vice president and Head of Acquisitions and Capital Markets at Accordia. “This acquisition strengthens our foothold in the Charlotte market and aligns with our strategy to acquire highly func- tional, shallow-bay industrial properties in infill locations below replacement costs.” In other news, a general and cosmetic dentistry practice with a passion for the patient experience is calling Montvale, NJ home. Kallos Dental signed a long-
135-141 Cupped Oak Dr.
160 Summit Ave. in Montvale, NJ
term lease for 3,100 s/f at the Accordia- managed 160 Summit Ave. in Montvale, located in northern Bergen County. The practice is opening in May 2025. Kallos Dental was repre- sented by Nick Yanakas of CARR Realty . Accordia has managed 160 Summit Ave. since April 2024, represented the landlord. “Kallos Dental is joining many stellar professionals in Montvale who are all focused on elevating the patient care experience,” said Frank D. Recine , principal, Accordia. “Some of the biggest names in healthcare in our region call Montvale home, like Memo - rial Sloan Kettering Cancer Center, Hackensack Meridian Medical Group, Valley Health, Orthopedic Specialists of New Jersey, and CityMD urgent care. Kallos Dental is adding to the impressive roster of avail - able treatment and care options in Montvale.” “I wanted windows, I wanted natural light — I think that’s good for the psyche,” Cocchia said. “When I saw 160 Sum - mit, I knew immediately that it checked a lot of the boxes.” Cocchia said she chose the Montvale location for its prox - imity to I-287 and the Garden State Parkway, and to be close to home in Bergen County. “I have always been a pro - ponent of small business and creating family-like relation- ships, so I think it’s important to have that sense of commu -
nity in my practice,” Cocchia said. “I’m trying to foster a lot of strong positive feelings in the Bergen County commu - nity. I want it to feel like you’re coming in and you’re seeing family, to create more trusting relationships between health - care providers and patients.” Kallos Dental joins an im- pressive list of healthcare- centric professionals who call 160 Summit Avenue home, including: ● Moon Implants & Perio, which signed a long-term lease in 2024 ● Rubinstein Plastic Surgery Center LLC, a state-of-the-art cosmetic surgery center led by New York’s premier facial plastic surgeon Dr. Ran Ru - binstein ● Empowered Pelvic Health, LLC, specializing in pelvic floor therapy, led by Dr. Carly Gossard, and ● Center for Resiliency, LLC, specializing in transfor - mative evidence-based psy - chotherapy, led by Dr. Carol Chu-Peralta. “Montvale is the place to be for medical professionals of all specialties,” said Recine. “This area is home to some of the most impressive names in healthcare. Operating a prac - tice close to these institutions aligns healthcare practices, both physically and philo - sophically. It’s also incredibly convenient for patients, who can find quality care in one area of one town.” MAREJ
NJ’s Bedrin Org. expands into NC with Carolina Oaks purchase
GREENSBORO, NC — The Bedrin Organization , known primarily for its invest - ment in nine shopping center properties within the Triad, has continued its foray into the multifamily segment by pur - chasing Carolina Oaks Apart - ments at 2505 Fairfax Rd The Glen Rock, NJ-based real estate developer assumed an $8.95 million note from 4505 Fairfax Road LLC in Howell, NJ with New York- based lending institution Greystone , for the 96-unit apartment complex. The sale closed April 3. The apartments, which were built in 1998, are a mix of one- and two-bedroom units, from 840 to 1,060 s/f, with rents ranging from $1,095 to $1,469. The purchase brings the Bedrin Family’s number of units in its Triad apartment portfolio from 250 to 346. Garret Bedrin , who over - sees acquisitions, leasing,
Carolina Oaks Apartments and investor relations for his family’s company, said that although the Bedrin Organiza - tion will manage the complex, the team now in place at Caro - lina Oaks will remain in place and play an integral role in creating a sense of community. “We’re excited to be here,” he said. “This is a good housing choice for working class people who want affordable luxury. As with all real estate, location is key, as this is just off the new High Point Rd. exit near Sedgefield. It’s more afford - able as well, when compared to new developments near Sedge - field and Jamestown.” MAREJ
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