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Westminster Capital to deliver 434,000 square feet of industrial space to Northeast Ohio 1Q 2019
CLEVELAND, June 6, 2018 – JLL is pleased to announce the upcoming development of Victory Commerce Center—a state-of-the-art, Class A industrial property consisting of 434,000 square feet at 43000 Victory Parkway in Glenwillow, breaking ground June 7th, 2018.
Westminster Capital will develop and own the newly constructed industrial property. Victory Commerce Center will target users of 100,000 SF – 434,000 SF. "We are excited to be building a modern, state-of-the-art facility in a supplied constrained market like NE Ohio," said Michael Mazur, Vice President of Acquisitions at Westminster Capital.
Victory Commerce Center, which is being built by Geis Construction, will include 32' clear heights, 54' X 56' column spacing, ESFR sprinkler systems, LED lighting, 52 docks with 68 additional dock locations, and ample truck and car parking. The shell will be delivered speculative, and allow users the ability to customize their space.
JLL Managing Director Joe Messina and Vice President David Stecker represented Westminster Capital in the land acquisition and will lead the leasing efforts.
"Westminster Capital believes in the strong industrial market fundamentals of NE Ohio, and subscribes to the idea that demand is outpacing supply," said Stecker. "Existing options are limited for industrial tenants larger than 100,000 square feet that require 32' clear heights, with sufficient loading. Victory Commerce Center will strive to accommodate the larger users who seek efficiency."
Victory Commerce Center comes at an ideal time as the Cleveland-area's overall industrial vacancy continues to shrink, hovering near 5.4 percent while "modern bulk" vacancy is below 3 percent.
Glenwillow has a long history of modern industrial development, and has seen a number of new projects come out of the ground in the last 36 months, including GED Integrated Solutions, Mantua Mfg Company, and Fastener Tool and Supply.
"Glenwillow is pleased that Westminster Capital has chosen Glenwillow as their entry into Northeast Ohio with this substantial investment in a new facility. We are honored that they have selected Diamond Business Park to build their new state-of-the-art building. The building will be a great addition to our corporate community," said Glenwillow Mayor, Mark A. Cegelka.
For more information, please visit http://jll.com/cleveland.
About Westminster Capital
Westminster Capital has served private capital clients since 1988 as real estate investment advisors. Over $800 million of equity capital has been placed by Westminster, principally across medical office, apartments, industrial/distribution, and senior living assets.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with nearly 300 corporate offices, operations in over 80 countries and a global workforce of 83,500 as of March 31, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit ir.jll.com.
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