Cleveland-area distribution center sold
JLL Capital Markets closed the sale of the mission-critical industrial property, arranged financing and led the leasing efforts
CLEVELAND, Ohio, October 28, 2020 – JLL announced today that it has closed the sale of and secured acquisition financing for Victory Commerce Center, a Class A, fully leased, 434-000-square-foot distribution and fulfillment center in suburban Cleveland. JLL also handled the leasing assignment.
JLL marketed the property on behalf of the seller, Illinois-based Westminster Capital. Investcorp purchased the asset and engaged a separate JLL team to place the acquisition loan. Additionally, a JLL team brokered the long-term, triple net lease with the existing, investment-grade tenant.
The best-in-class Victory Commerce Center was developed in 2019 as a mission-critical facility for its tenant. The building features 32-foot clear heights, 30 dock-high doors that are expandable to 83 knockout positions, nine drive-in doors that are expandable to 10, interior car parking, LED lighting, ESFR sprinkler system and ample building depth.
Situated on 40.4 acres at 43500 Victory Pkwy., Victory Commerce Center is within the greater Diamond Business Center, which is home to several other institutional-quality corporate users. This strategic distribution location is 3.5 miles from the intersection of Interstates 271 and 480 and 9.5 miles from the Interstate 80 Ohio Turnpike. This allows the tenant to reach customers in Ohio, Indiana, Kentucky, Maryland, Michigan, New York, Pennsylvania, Virginia and West Virginia within a half-day drive.
“The timely lease-up and successful sale of Victory Commerce Center is as much a reflection of the demand for well-located, modern industrial space as it is a testament to assembling the right team,” said Matthew Van Wie, Westminster Capital Vice President – Asset Management. “I cannot overstate our gratitude to JLL, Geis Companies and the Village of Glenwillow for their respective contributions to the success of this development.”
The JLL Capital Markets team representing the seller was led by Senior Managing Director John Huguenard and Managing Director Sean Devaney.
“The interest in the offering was very robust given the tenancy and strong fundamentals,” Devaney added. “The opportunity to acquire a mission-critical facility leased at market rents was incredibly appealing.”
The JLL Capital Markets Debt Placement team included Managing Director Matthew Schoenfeldt, Senior Managing Director Michael Gigliotti, Executive Managing Director Mike Tepedino and Senior Director Brian Walsh.
The JLL Agency Leasing team was led by Vice President David Stecker.
“Our team at JLL was proud to secure an investment-grade tenant that would not only create value for our client but also create jobs for the Village of Glenwillow,” Stecker said. “Westminster’s belief in the Cleveland market and our team at JLL was the driving force behind this successful project.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of nearly 93,000 as of June 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Westminster Capital
Westminster Capital creates and executes real estate investment strategies on behalf of private wealth capital since 1988.
Investcorp is a global investment manager, specializing in alternative investments across private equity, real estate, credit, absolute return strategies, GP stakes and infrastructure. Since its inception in 1982, Investcorp has focused on generating attractive returns for its clients while creating long-term value in its investee companies and for its shareholders as a prudent and responsible investor.
Investcorp invests a meaningful portion of its own capital in products Investcorp offers to its clients, ensuring that its interests are aligned with its stakeholders, including the communities that Investcorp operates within, towards driving sustainable value creation. Investcorp takes pride in partnering with its clients to deliver tailored solutions for their needs, utilizing a disciplined investment process, employing world-class talent and combining the resources of a global institution with an innovative, entrepreneurial approach.
As of June 30, 2020, Investcorp Group had US $32.2 billion in total AUM, including assets managed by third party managers, and employed approximately 450 people from 44 nationalities globally across its offices in New York, London, GCC, Mumbai and Singapore. For further information, visit www.investcorp.com and follow Investcorp @Investcorp on LinkedIn, Twitter and Instagram.