Jones Lang LaSalle Inc.

10/10/2024 | Press release | Distributed by Public on 10/10/2024 18:57

Cleveland MSA's Gateway Commerce Center sold

CHICAGO, Oct. 10, 2024 -  JLL Capital Markets announced today the sale of Gateway Commerce Center, a 434,171-square-foot industrial facility located at 10242 State Route 43 in Streetsboro, Ohio within the Cleveland MSA.

JLL represented the seller, a joint venture between Westminster Capital and GEIS, in the sale to EQT Exeter.

Delivered in 2022, the property is a modern industrial facility with Class A specifications including full truck circulation, a 32-foot clear height, 180-foot truck courts, 56 dock doors, eight drive-in doors and ample parking. Its flexible cross-dock configuration allows for subdivision into units as small as 100,000 square feet, catering to diverse tenant needs. The property is 100% leased to FNS, Inc., the California-based third-party logistics company specializing in ocean freight, trucking, air freight, warehousing, customs clearance and logistics consulting.

Conveniently located on Route 43 in Streetsboro, Ohio, the property's location offers immediate interstate and highway access via I-80 (Ohio Turnpike) and I-480 as well as connectivity to surrounding markets, as the property is located within 300 miles of major U.S. cities including Chicago, Columbus, Detroit, Indianapolis and more. Gateway Commerce Center is also strategically positioned in the Southeast Cleveland industrial submarket, which has witnessed declining vacancy rates and consistent rent growth since late 2021.

The JLL Investment Sales and Advisory team was led by Industrial Group Co-leader and Senior Managing Director John Huguenard, Senior Managing Director Sean Devaney and Managing Director Ed Halaburt.

"Gateway Commerce Center offered an opportunity to acquire stable, in-place cash flow secured by a high-profile tenant committed to the property and location," said Huguenard. "The strategic Southeast Cleveland location within the greater Ohio logistics hub positions the property well for long-term success. As a top ten market in total inventory, Cleveland boasts the lowest availability rate in the entire country through 2023, further underlining the attractiveness of this investment."

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 and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources, please visit JLL's newsroom.

Westminster Capital manages real estate investment strategies on behalf of private wealth capital, including sponsorship of closed-end investment funds and separate account portfolios totaling more than $1.25 billion of investor capital. Westminster Capital makes commercial property investments throughout the United States across Industrial/Distribution, Residential, Medical Office and Self-Storage properties offering Value-Add to Opportunistic risk-reward returns. Such work includes rebuilding income streams of existing properties, or manufacturing them through new construction, by careful investment underwriting and pursuit of well-funded tenants motivated by powerful long-term secular changes in their needs for such properties. Founded in 1988, the firm is headquartered in Lake Forest, Illinois.

Geis Companies is a vertically integrated real estate solutions organization consisting of six unique divisions. Each division functioning independently but often working together to provide innate efficiencies in both quality and execution. This unique "all-in-house" approach is identified as our Full Cycle Approach and is the discerning characteristic that separates Geis Companies from its competitors. For more information, visit www.geiscompanies.com.

EQT Exeter is a global real estate investment manager with over $30 billion of equity under management. EQT Exeter acquires, develops, leases, and manages logistics/industrial, office, life science and residential properties in Europe, the Americas and Asia. With over 450 experienced professionals operating in more than 50 offices globally, EQT Exeter owns and operates over 2,000 properties and 375 million square feet. EQT Exeter's track record comprises over $45 billion in total property gross asset value since inception, spanning over 450 million square feet globally. EQT Exeter is the real estate division of EQT AB, a purpose-driven global investment organization.