Westminster Realty Partners II LP has acquired a 29.9 acre parcel in Glenwillow, OH and commenced development of a 434,000 SF Class A, multi-tenant industrial distribution/manufacturing building. Glenwillow is a southeastern suburb of Cleveland with industrial vacancy below 2%. The building will have 32’ clear heights, LED high-bay lighting, and ESFR sprinklers. GEIS construction company will assist in city approvals, architectural services, and construct the building. JLL will act as leasing agent. Westminster Realty Partners II LP committed $9.3 million of equity, with construction financing provided by Lake Forest Bank & Trust Company.
About Westminster Capital
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 $860 million of investor capital. Westminster Capital makes commercial property investments throughout the United States across Industrial/Distribution, Apartments, Medical Office and Senior Living properties offering Value-Add to Opportunistic risk-reward returns. Such work includes rebuilding income streams of existing properties, or manufacturing them through new construction. The firm employs careful investment underwriting and pursues well-funded tenants motivated by powerful, long-term secular trends in their needs for such properties. Founded in 1988, the firm is headquartered in Lake Forest, Illinois.