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Westmount Realty Capital Acquires Industrial Portfolio of 2.35 Million Square Feet in Chicago
"This portfolio is located throughout nine of Chicago's 20 industrial submarkets and provides Westmount with the opportunity to increase its footprint in one of the most influential industrial, financial and cultural markets in the country," said Clifford Booth, president and CEO of Westmount. "Westmount's time-tested strategies can quickly increase the value in assets like those in this portfolio and we are actively looking to acquire more industrial portfolios in primary markets across the U.S."
Of the portfolio, 16 of the properties are located in close proximity Chicago's O'Hare International Airport and the Illinois International Port District and the other five are situated north of Chicago from Lake County, Illinois to Kenosha, Wisconsin, just south of Milwaukee. The buildings are well-maintained, are of varying sizes and designs and are currently at 82 percent occupancy. More than half of these buildings were once owned by user/occupiers allowing for additional value-creation opportunities in both the near and long-term.
Including this recent acquisition, Westmount now has nearly 8 million square feet of industrial space in the Midwest region of the U.S. In 2016, Westmount acquired a Chicago-area industrial portfolio of 1.48 million square feet. They also have another industrial portfolio in the region, which was purchased in 2014, totaling 1.53 million square feet. The company acquired a 10-building industrial portfolio totaling 1.63 million square feet of space in the Milwaukee area in early 2015. Westmount's Columbus, Ohio-area portfolio is roughly 1.39 million square feet of industrial space.
To accommodate the company's growth in the region, Westmount will expand its local property management office into a regional office in Chicago. Westmount will provide local property management services to its 5 million-square-
About Westmount Realty Capital
Westmount Realty Capital, LLC is a time-tested, privately held, Dallas-based commercial real estate company that has achieved exceptional performance, with a core team in place, for more than 30 years. Westmount is seen as an innovator and leading edge company in the industry and is a trusted operating partner of numerous U.S. and foreign institutional and private capital sources. The company is active nationally, specializing in value add and opportunistic investments, and has navigated successfully through multiple market cycles. For additional information, contact www.westmountrc.com.
Krystal Morris, C. Pharr & Co. for Chicago