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Westmount Realty Capital Acquires 12 Buildings in Atlanta as part of Industrial Portfolio
The acquisition consists of Norcross 85, a three-building, 86,470 square-foot portfolio that is fully leased with 15 tenants, Peachtree Corners, an eight-building, grade-level flex portfolio that is 90% leased with more than 40 tenants and one free-standing building in the nearby submarket of Stone Mountain/Tucker. The asset has easy access to Interstate 85, Interstate 285 and the Norfolk Southern Railway. Nearby Hartsfield-Jackson Atlanta International Airport is also the busiest passenger airport in the U.S.
"Atlanta is the distribution hub of the southeast because of its proximity to the booming Port of Savannah, highly diversified economy and comparatively low cost of living and doing business," said Nick Sands, Westmount's senior director – industrial acquisitions. "Historically, Norcross has been one of the most desirable and land-constrained industrial submarkets in the country, so we're thrilled to be back in the region. The region's growth provides a great outlook for real estate investment, and we plan on staying active in the market."
According to CoStar, roughly 18% of the submarket's stock consists of flex properties, which is about double the metro average.
"This investment represents another value-add opportunity for us," said Cliff Booth, Westmount's founder and chairman. "Twenty-one percent of the portfolio is currently on modified gross leases, providing us with an opportunity to create more value by converting gross tenants to net leases. Solid occupancy gains in northeast Atlanta in early 2021 also resulted in the submarket's overall vacancy rate dipping below 6% for the first time in the submarket's history."
Westmount recently acquired Ashwood, a Class A, 160-unit apartment community in Dunwoody, a northern suburb of Atlanta, that will be rebranded as Westmount Ashwood.
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 relationship-
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Westmount Realty Capital, LLC