News release

Midwest industrial assets sold to three investors for nearly $140M

JLL Capital Markets closed the sale of 12 industrial assets in Ohio and Indiana

February 01, 2021

CHICAGO, Feb. 1, 2021 – JLL Capital Markets announced today that it has closed the nearly $140 million sale of 12 industrial assets totaling approximately 3 million square feet in the Midwestern communities of Cleveland, Ohio, and Fort Wayne and Bloomington, Indiana.

JLL marketed the property on behalf of the seller, Raith Capital Partners. Plymouth Industrial REIT, STAG Industrial, Inc. and Legacy Investing, LLC each purchased assets separately.

Plymouth Industrial REIT purchased the 10-building portfolio totaling 2.1 million square feet in the greater Cleveland area. The 90-percent-leased portfolio consists of 3400, 3111, 3081, 3325, 3375 and 3425 Gilchrist Rd. in Mogadore; 4122 Shuffel Street NW and 2100 and 2210 International Pkwy. in Canton; and 1366 Commerce Dr. in Stow. The properties are positioned proximate to Interstates 77 and 76, providing excellent regional access, and most of the properties are within one of the densest industrial markets in the United States.

STAG Industrial, Inc. acquired a single-tenant, 764,177-square-foot, Class A bulk distribution center at 2909 Pleasant Center Rd. in Fort Wayne, Indiana. The property is fully leased on a long-term basis to a leading supplier of parts and components to the recreational vehicle industry. Completed in 1994, the building features a 30-foot clear height, 66 external dock doors, two drive-in doors, 300 trailer parking stalls, ESFR sprinklers and low office finish. The property is situated on 114.36 acres on the northern side of Interstate 469, which allows the tenant immediate access to the region’s interconnected highway network. Additionally, the property is three miles south of the Fort Wayne International Airport.

Legacy Investing, LLC purchased a 125,000-square-foot manufacturing and distribution facility triple net leased to an investment-grade global healthcare and pharmaceutical company on a long-term basis. The mission-critical facility features box-in-box freezer and cooler space, up to 29-foot clear height, five dock-high doors, one drive-in door, office finish and ample parking. The building is housed on 19 acres at 555 N. Daniels Way in Bloomington less than two miles from the tenant’s main campus and proximate to Indiana University. Additionally, the facility is two miles from Interstate 69, which provides regional connectivity.

The Midwest is experiencing a surge in industrial investment, which is detailed in JLL Research’s 2021 Midwest Industrial Outlook report. As warehouse demand continues to rise, Midwest markets are seeing an unprecedented amount of investment from tenants, developers and investors that once may have overlooked the region.

“The Raith team is excited to have completed the sale of the overall portfolio,” said Nelson Hioe, co-founder at Raith Capital. “After owning and operating the properties for several years, our desire to sell was tied to the successful execution of our asset management strategy. We continue to have strong interest in the industrial sector.”

The JLL Capital Markets team representing the seller was led by Senior Managing Director and Co-Head of JLL’s Industrial Capital Markets group John Huguenard, Managing Director Sean Devaney, Senior Director Kurt Sarbaugh and Analyst Peter Moriarty. Managing Director Joe Messina and Vice President David Stecker also assisted on the project.

“We were encouraged by the depth and diversity of the buyer pools, further confirming the positive narrative surrounding the strength of the industrial market,” Huguenard said. “The fundamentals across the Midwest markets justify continued capital deployment in the sector, and JLL is confident that there will continue to be great opportunities to acquire good functional product.” 

“Interest in Midwest industrial product remains extremely strong,” Devaney added. “Through a broad and competitive process, we were able to identify many interested parties, some new to the sector and/or markets, and provide optionality to ownership to help drive the positive outcome. Ultimately, the JLL and Raith teams collectively thought it best to pursue multiple transactions to efficiently transact on the overall portfolio, given the variety of individual deal profiles.” 

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 advisory, 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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About JLL

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 over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit

About Raith Capital Partners

Raith Capital Partners is a private investment firm focused on commercial real estate debt and equity investment. Based in New York City, Raith has a significant presence in the US real estate markets, investing on behalf of institutional and high-net-worth clients in discretionary funds and separate accounts. Raith supports its investment activities with a fully integrated asset management team.

About Plymouth Industrial REIT 

Plymouth Industrial REIT (NYSE: PLYM) is a vertically integrated and self-managed real estate investment trust focused on the acquisition and operation of single and multi-tenant industrial properties located in secondary and select primary markets across the United States. The company seeks to acquire properties that provide income and growth, enabling the company to leverage its proven real estate operating expertise through active asset management, prudent property re-positioning and disciplined capital deployment to enhance shareholder value.

Plymouth Industrial REIT currently owns and manages 141 buildings containing over 23 million square feet in 11 states.

About STAG Industrial, Inc.

STAG Industrial, Inc. is a real estate investment trust focused on the acquisition, ownership and operation of single-tenant industrial properties throughout the United States. As of September 30, 2020, the company’s portfolio consists of 462 buildings in 38 states with approximately 92.3 million rentable square feet.

About Legacy Investing, LLC

Founded by seasoned technology company executives, Legacy focuses on mission-critical real estate being fundamentally impacted by new technologies: digital and physical supply chains, future workplaces and life sciences.

Legacy’s principals have leveraged this platform, as well as their public company C-level experience, across the past two decades to complete over $2.75 billion in transactions across 19 million square feet of data centers, e-commerce distribution centers, modern office buildings and life sciences facilities on behalf of a select set of family office and institutional investors. Legacy leverages its expertise in how technology is and will be impacting tenant demand, site selection and leasing to target and position properties to meet those needs, thereby capturing long-term real estate value.