STREETSBORO, OH-AIC Ventures recently bought the 68,569 sf corporate headquarters and manufacturing facility here for Spero Electric Corp. in a sale-leaseback transaction. The sales price was not disclosed, but a spokeswoman for AIC says this is the fifth acquisition, with the company so far spending about $30 million, of a $300 million real estate fund, NL Ventures VI LP. “So far, we’ve raised about $100 million for the fund, and we’re going to keep buying properties,” she tells

The Spero property is on an 11-acre parcel at 1790 Miller Parkway, and consists of 58,000-sf of manufacturing space, with the rest of the space used as the company’s office headquarters. The property was built in 1995 and expanded in 2004. Spero is a family-owned manufacturer of lighting fixtures, and is using the proceeds from the sale to AIC to help fund the launch of a new, high-end fixture called the Prospetto line. “The line will be blown glass, and these fixtures are being marketed to the Las Vegas casinos,” the AIC spokeswoman says.

She says she could not reveal the rate signed by the more than 15-year lease. Streetsboro is a suburb of Cleveland, and average industrial lease rates for this type of property average at more than $4.20 per sf, according to a first-quarter market report by Grubb & Ellis.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.