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Cleveland-Area Warehouse Sells to Investcorp
JLL 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 at 43500 Victory Pkwy. in the Cleveland suburb of Solon, OH. 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 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 said.
The debt placement team included managing director Matthew Schoenfeldt, senior managing director Michael Gigliotti, executive managing director Mike Tepedino and senior director Brian Walsh.
JLL’s agency leasing team was led by VP David Stecker.
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
- ◦Sale/Acquisition
