NEO’s largest industrial spec property reaches full lease-up
JLL brokers 434,000 SF lease at Victory Commerce Center on behalf of Westminster Capital
CLEVELAND, June 24, 2020 — JLL and a partnership between Westminster Capital, an Illinois-based real estate investment management firm, announced today the full lease-up of Victory Commerce Center, located at 43500 Victory Parkway in Glenwillow, OH. The recently constructed 434,000 SF warehouse building is Northeast Ohio’s largest speculative industrial property to date. It was leased to a single-tenant user.
Vice President David Stecker represented ownership in the successful transaction.
“Victory Commerce Center was a bold development that represented confidence in our market by a real estate developer outside of Cleveland. Their belief and trust in our market fundamentals proved true and the success of this project has paved the way to pursue additional projects of scale in Northeast Ohio,” said Stecker. “The leasing of this property is an outstanding win for the Village of Glenwillow and the broader Northeast Ohio area as bulk warehouse demand continues to grow throughout the region. This transaction would not have been possible without the support of Mayor Cegelka and his team.”
Victory Commerce Center broke ground in the summer of 2018 and was completed in the fall of 2019.
“The timely lease-up 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 Matt Van Wie, Vice President of Asset Management at Westminster Capital. “I cannot overstate our gratitude to JLL, Geis Companies and the Village of Glenwillow for their respective contributions to the success of this development.”
For more information, please visit jll.com/cleveland.
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, operations in over 80 countries and a global workforce of more than 94,000 as of March 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.