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Commercial Real Estate Acquisitions

For over three decades, Weston has owned, managed, and developed industrial, office, and retail properties throughout the United States. Headed by President TJ Asher, the Acquisitions department continuously seeks new opportunities, investors, partners, and revenue streams needed to further develop our well-diversified portfolio.

Acquisition History

For over three decades Weston has owned, developed, and managed industrial, office and retail properties throughout the United States. The company has built its portfolio by identifying undervalued real estate through its network of strategic relationships. Below is a list of properties acquired throughout the United States:

portfolio
Today, Weston’s portfolio consists of more than 80 properties in 9 states, totaling nearly 11 million square feet.

Year Projects Locations Value
1998 6 Michigan, Maryland, Utah, California, Texas, Georgia $59,563,000
1999 2 Ohio $4,650,000
2000 2 Kentucky $8,625,000
2001 3 New Jersey, California, Ohio $7,760,000
2002 2 Ohio $12,784,000
2003 3 Ohio $13,969,000
2004 5 Ohio $14,567,000
2005 11 Georgia, North Carolina, South Carolina, Ohio $50,438,000
2006 7 Ohio $26,234,000
2007 6 Ohio, Texas, Nevada $32,275,000
2008 6 Nevada, Texas, South Carolina $40,090,000
2009 2 South Carolina $13,100,000
2011 1 Ohio $1,348,000
2012 3 Ohio $2,125,000
2013 3 Ohio $7,750,000
2014 9 Ohio $15,830,000
2015 6 Ohio, North Carolina $63,013,400
2016 4 Ohio $13,973,000


Our Experience



457,000 SF in Columbus, OH

  • Weston continued to expand its holdings in Columbus, OH with the purchase of 4 locations in 2015.
  • Total purchase included 457,000 SF and 18 tenants.
  • Properties consisted of $21 million that was financed through an institutional investor.

648,000 SF in Charlotte, NC

  • One of Weston’s largest acquisition to date.
  • At the time of purchase it was 81% occupied, and within a year Weston raised the occupancy to 90%.
  • There are 127 tenant spaces which comprise roughly 53% share of the entire Charlotte submarket.
  • The property is a multi-tenant complex with office, warehouse, and retail space.
  • It was a $46 million purchase that was financed through an institutional lender.

50,000 SF Value Add in Cleveland, OH

  • Weston purchased a 50,000 square foot industrial building at 4400 Carnegie Ave. in Midtown Cleveland.
  • Weston determined that Mace Security International was in the Cleveland market looking for space and the relationship began.
  • Mace signed a 10 year lease to move its world headquarters and manufacturing operations from Vermont to Midtown Cleveland.
  • Weston provided temporary space to Mace while tenant improvements were completed in their new location.
  • he build-out was extensive which included approximately $1M in construction to the facility.
  • The financing was multi-layered including a first mortgage from a local lending institution and support from the City of Cleveland and Cuyahoga County.
  • The property has developed into a stabilized asset with a projected cash on cash return of 15%.

400,000 SF Speculative Building

400,000 SF Speculative Building
  • In 2007 a partnership was formed between a private developer and Weston to pursue the develop- ment of an industrial park.
  • The partnership purchased 200 acres of land in Glenwillow, Ohio in 2007 and in 2008 and and 2009 a roadway and improvements were constructed allowing for an industrial park at the intersection of Cochran and Pettibone Roads.
  • In 2010, a 400,000 SF state of the art speculative bulk distribution facility was constructed with a 32’ clear clear ceiling height, 56’ x 45’ column spacing and an ESFR sprinkler system.
  • Although the Great Recession occurred, Weston was able to secure tenants to occupy the building.
  • There are 3 tenants that occupy the facility: Winston Products, The Noco Company, Mat Holdings, and Ryder Logistics.
  • In 2012, the property was recapitalized and the partners now enjoy an 8% cash on cash return.

115,000 SF Value Add in Cleveland, OH

115,000 SF Value Add in Cleveland, OH
  • Weston became aware that a 115,000 SF office complex in Warrensville Heights, OH was going into receivership the summer of 2013.
  • Working with the receiver and previous owner, Weston was able to structure a mutually acceptable arrangement and purchase the property in August of 2013.
  • The properties consist of 3 buildings with high visibility on a well-travelled road.
  • It is Weston’s intention to relocate their corporate offices to the complex; by doing so it will increasethe occupancy of the property to over 80%.
  • Despite being 25% vacant at purchase, the property has an acceptable cash on cash return and will only get better as the vacancy is leased over the next year.

410,000 SF Multiple Building Joint Venture in Spartanburg, SC

Spartanburg SC
  • Weston purchased a 409,600 SF industrial warehouse campus on 25 acres in April 2008 for $8,400,000.
  • The acquisition included four (4) buildings constructed in 1989-90.
  • Property is located in the thriving market of Spartanburg, South Carolina.
  • Weston negotiated favorable financing with a lender to enjoy below market cost of capital over the four (4) year hold period.
  • Project was 100% occupied at acquisition and we were successful negotiating and extending the existing tenant lease terms to continue healthy returns on our investment.
  • In April 2012 we sold this facility to an investor for $9,000,000 and completed our first “round trip transaction” with this JV partner.
  • Projected returns at acquisition were expected to be 13.5% and upon sale we achieved over 27% total project return on this investment.

280,000 Square Feet in South Carolina

Catawba
  • Weston purchased a 280,000 square foot distribution facility on 35 acres in South Carolina with an 80,000 square foot vacancy.
  • The building is tilt up concrete construction built in 2002.
  • The purchase included an opportunity to add value by constructing a 200,000 square foot building on the additional acreage.
  • Purchase was made with a capitalization rate of 8.1% with an 80,000 SF vacancy and 14 acres of additional land. Cash on cash returns will grow to 12% over a 10 year period.
  • North Carolina and South Carolina are considered growth markets because of its increasing population and state industry growth.

Portfolio Acquisition of 1.5M SF in 6 States

Goodyear
  • Weston completed a $60 million sale/leaseback transaction from Goodyear Tire and Rubber Company.
  • The transaction comprised of 6 buildings totaling 1.5 million square feet in California, Georgia, Maryland, Michigan, Texas, and Utah.
  • Weston was able to negotiate staggered lease expirations over a 4 year period thus allowing us to re-tenant and re-establish each building individually.
  • Weston held true to its strategy to re-establish and sell 4 of the 6 buildings for their upside potential. The other 2 buildings remain in the portfolio today.

400,000 SF Value Add in South Carolina

Harrison Bridge
  • Weston purchased a 400,000 square foot industrial distribution facility on 45 acres in Greenville, South Carolina with 322,000sf leased to Josten's Inc. and Lanxess Corp., a division of Bayer Chemical.
  • At the time of acquisition the facility was 82% leased.
  • The building is tilt up concrete construction with 28' ceilings and ample dock doors.
  • Projections at the time of acquisition were that the building would be 100% leased in one year. This goal was accomplished in 6 months by securing Gray Interplant Systems.
  • A partnership was completed with an institutional investor.
  • The purchase was made with a capitalization rate of 8.5%. Cash on cash at the time of purchase was 10%, and it grew to 12% after the vacancy was filled.
  • In 2012, the property was sold to a large institutional buyer.
  • A 30% IRR was achieved by the partnership at the time of sale.

100,000 SF Value Add in Texas

New Braunfels, Texas
  • Weston purchased a 100,000 square foot industrial facility on 45 acres in New Braunfels, Texas.
  • Built in 1992, the building is tilt up concrete construction with 22' - 24' clear height.
  • Building was vacant at the time of purchase.
  • A tenant was secured for 100% of the facility prior to closing.
  • The purchase was made with a capitalization rate of 10% and the cash on cash return at the time of purchase was 14%.
  • Today: Weston has re-tenanted the building since the acquisition. It is 100% occupied with a cash on cash return of 12%.

450,000 Square Feet in South Carolina

450,000 Square Feet in South Carolina
  • Weston purchased a 280,000 square foot distribution facility on 35 acres in South Carolina with an 80,000 square foot vacancy.
  • The building is tilt up concrete construction built in 2002.
  • The purchase included an opportunity to add value by constructing a 200,000 square foot building on the additional acreage.
  • Purchase was made with a capitalization rate of 8.1% with an 80,000 SF vacancy and 14 acres of additional land. Cash on cash returns will grow to 12% over a 10 year period.
  • North Carolina and South Carolina are considered growth markets because of its increasing population and state industry growth.

400,000 Square Foot Warehouse/Distribution

Weston Distribution Center
  • Built in 2003, this state of the art facility is 400,000 square feet with 24 docks and 30’ ceilings which is prized by distributors. The property benefits from its close proximity to Cleveland Hopkins International Airport as well.
  • The large warehousing facility was left empty in late 2005 following the closing and Chapter 11 bankruptcy filing of the former tenant that was on a build-to-lease basis.
  • Weston converted the building from a single tenant facility to a multi-tenant warehouse facility.
  • The acquisition was new construction with nationally recognized tenants.
  • Weston bought the building empty but secured a tenant for half of the space within the first month of ownership.
  • Currently 92% occupied.
  • Today: The cash on cash yield is 18.5%, meeting projections from initial acquisition in October2006.

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Testimonials

"These are guys that understand how to get something done in a tough environment."

-Joe Cimperman,
Cleveland City Councilman



"Weston has helped a number of our clients including RPM International solve difficult issues across their real estate footprint with creativity and rapid response whenever called upon. In the case of RPM, Weston stepped in to acquire an owned facility that was undergoing a new construction warehouse expansion when capital in that budget year became tight for the project. Weston developed the balance of the construction project using their capital, while creating a fair leaseback on market terms.

As a family-owned enterprise, Weston values relationships and a long-term view in crafting solutions to corporate real estate needs. A valued member of our community, Weston's generosity is now multi-generational and has created an enduring legacy in this regard. Founded by Anthony J. Asher over 30 years ago, the organization has grown into a regional portfolio that makes them a market leader with industrial and other opportunistic development that has served this firm's clients extremely well over the years."

-David P. O'Neill
Colliers International
Managing Director and Partner

Testimonials

"These are guys that understand how to get something done in a tough environment."

-Joe Cimperman,
Cleveland City Councilman



"Weston has been a client of ours for more than 20 years. They are honorable "handshake" kind of guys, which is refreshing in today's world. Our lenders like them because they know how to operate their properties making financing an easy sell."

-Steven Feldman,
Managing Director
Bellwether Real Estate Capital



"We have collaborated with Team Weston on numerous projects throughout the United States for many years and have always known them to be knowledgeable, highly-motivated professionals. They understand the value of a cooperative team effort and we look forward to continuing this relationship on future transactions."

-Jeff Echko,
President & CEO
Bock & Clark Corporation