Westmount Realty Capital Announces Sale of 1.2-Million-Square-Foot Business Park in Atlanta Location
The portfolio was acquired by the joint venture in December 2015 and is located at 1700-1865 Corporate Drive and 4145-4165 Shackleford Road in Norcross, Gwinnett County, Georgia. This portfolio is one of the premier business parks in the I-85 northeast corridor.
The 13 buildings on Corporate Drive were constructed from 1984 – 2000 with a mix of light industrial, rear-load and multi-tenant buildings. The Shackleford Road properties consist of four office buildings built between 2000 and 2002.
"We acquired an under-performing portfolio that was 71% occupied and were able to actively manage the asset, growing occupancy to 91% with stable cash flow," said Cliff Booth, CEO of Westmount. "The project was successfully repositioned and rebranded as Gwinnett Commons after an extensive, approximately $9 million exterior and interior renovation to enhance its appeal as a strategically located business park in one of the most desirable and land-constrained industrial submarkets in the country."
The joint venture made substantial improvements to the single-story, brick exterior complex including a refreshed image and modern features such as roof replacements, parking lot repairs, new signage, park entry kiosks and landscaping.
The enhanced buildings enabled strategic leasing and marketing efforts, led by JR Wright and Bob Burdell of Strategic Real Estate Partners, LLC, resulting in the industrial buildings' occupancy level increasing from 79% upon acquisition to 100%.
About Westmount Realty Capital
Westmount Realty Capital, LLC is a leading-edge privately held commercial real estate investment and management firm that specializes in value-add and opportunistic investments in the industrial, multifamily and office sectors. Headquartered in Dallas, TX, Westmount has built a reputation for exceptional asset performance and time-tested results over its 30-year history. The company's relationship-
About Quilvest Capital Partners
The Quilvest Group is a leading, global, independent wealth manager and private equity investor, with approximately $36 billion in assets under management. With a 120-year, seven generation family shareholder heritage, the Quilvest Group takes a principal approach to investing. The Quilvest Capital Partners unit manages approximately $6 billion of alternative assets, including Corporate Private Equity, Co-investments, Private Debt and Real Estate Private Equity. For additional information, please reference http://www.quilvestcapitalpartners.com.
Kelly Morris, Dala Communications, for Westmount