“As the Columbus market is recovering, the assets were able to be purchased at levels well below replacement cost and on a basis that will allow ownership to be quite competitive on rental rates,”
Including the properties in this transaction, Garrison and Westmount now control nearly 5 million square feet of industrial space in and around Columbus. In September 2012, the partnership bought 10 other industrial properties in that metropolitan area with a total of nearly 3 million square feet (one of the assets was sold shortly thereafter in November 2012).
The 10 facilities in the latest deal are located in two industrial parks. With a total of 772,206 square feet on 43 acres, three of the buildings are situated in the 2600 block of Fisher Road in Columbus’
Covering everything from warehouse and distribution to flex space, the buildings in Garrison/Westmount’s new portfolio range in size from 19,764 square feet to 391,000 square feet. The facilities were each built between 1972 and 1979, and all 10 underwent renovations in the 2006-07 timeframe.
“Although the properties have been well maintained, ownership plans to invest nearly $2 million in capital improvements across the portfolio on various capital repairs including roof replacements, parking lot work and signage improvements on some of the properties, as well as exterior and interior painting and lighting upgrades,”
Westmount will provide property management services for all Columbus properties owned by the partnership. Jones Lang LaSalle is handling leasing of all the South subdivision properties. The RJ Boll Co. is responsible for leasing on the Fisher Road properties in West Columbus.
# # #
About Westmount Realty Capital, LLC
Westmount Realty Capital, L.L.C. (WRC) is a dynamic, privately held Dallas-based company with activities in commercial real estate investment, lending and development. A value-add and opportunistic investor driven by market forces coupled with intuition for future trends, unlocking unrealized value through superior execution, the principals of WRC have a proven 20-year track record across market cycles, yielding strong investment returns for the company and its investors, in real estate transactions across the United States. www.westmountrc.com
Garrison Investment Group
Garrison Investment Group is a leading U.S. credit and asset-based investor with over $3.2 billion of assets under management. The firm invests across a wide range of asset classes including middle market corporate loans, commercial & industrial loans, consumer loans/assets and commercial real estate. Garrison is based in New York and has a team of 61 employees (34 investment professionals)