Joe Albrecht is the new president of family-owned Akron commercial real estate company Albrecht Inc.

Albrecht, 40, succeeds Jim Nilsen, who has retired after 35 years with the firm.

The company's board of directors appointed Albrecht, who had been serving as executive vice president, to the new position Thursday.

Albrecht Inc. was founded in 1929 and acquires, develops and manages the real estate assets of the related family business, The Fred W. Albrecht Grocery Co., which operates the 16-store Acme Fresh Market grocery chain.

In April, Joe Albrecht’s 42-year-old brother, Nick, was named president of Acme Fresh Market.

The company is now a fifth-generation family business since its founding in 1891 by Fred Albrecht.

Albrecht. Inc. owns and operates more than 4 million square feet of commercial real estate in Northeast Ohio. Its business model involves acquiring, building, selling and holding grocery, retail, industrial and office properties in the region. Assets include large industrial logistics warehouses, flex and office properties and land holdings.

“I am honored and excited to accept the challenge of leading Albrecht Inc.,” Joe Albrecht said in a news release. “We have a great team that is dedicated to the goal of managing and developing our properties so our tenants can be successful. We do this by searching for tenants we believe provide value to our communities and by keeping our properties neat, clean, and safe in a cost effective and efficient manner. We reinvest in our properties to keep them up-to-date and are looking for opportunities to grow through acquisition.”

Albrecht is a graduate of Miami (Ohio) University, and has an MBA from Ohio State University. He holds the Certified Commercial Investment Member real estate designation.

His background also includes two years in the Peace Corps as a high school teacher.

He has been with Albrecht Inc. since August 2004 and has been a company director since 2011.

He and his wife, Julie, have three children.