Successful Commercial Real Estate Company
THE EARLY YEARS. In the late 1980’s and early 1990’s, Westmount’s principals assembled groups of high net worth individuals from around the world to acquire millions of square feet of properties across the United States. Most of these properties were light industrial properties that were purchased from failed institutions, including the Resolution Trust Corporation. In 1995, the company began to monetize these properties by selling to a variety of institutional owners, including approximately 3,000,000 square feet to what is now Prologis as their first entry into the Texas market.
In 1995, Westmount acquired the landmark Village on the Parkway retail center consisting of 375,000 square foot on 33 acres, formerly known as Sakowitz Village, at the prominent intersection of North Dallas Tollway and Beltline Road in the Dallas area. This property had been foreclosed and was acquired from the lender. Westmount undertook a significant renovation of the property and embarked upon an aggressive leasing campaign which resulted in a number of new leases allowing the property to be successfully sold in the year 2000.
LANDMARK ACCOMPLISHMENTS. Additionally, Westmount began at this time to acquire a number of properties in downtown Dallas in a period that was well ahead of the resurgence of activity that has since taken place in downtown Dallas. One of the transactions that resulted from this effort was the renovation of the Santa Fe II building into Santa Fe Terminal Lofts, a 203-unit rental property. This historic landmark property was one of the first housing projects in downtown Dallas and was a beneficiary of the Intown Housing Program put together by the City of Dallas. The property operated as a loft rental property for seven years, and in 2004, the company converted the rental property to a condominium project, SoCo Lofts, and sold out the last of the 203 units in 2009. To date, this is the largest home ownership property in downtown Dallas. Westmount assembled more than 20 properties in Downtown Dallas, which it has since disposed of.
Westmount embarked on another innovative inner-city project with the redevelopment of the Bronco Bowl site, in Dallas, Texas, which it had owned and operated since 1996. In 2004, the company sold the first parcel of the 22-acre site to Home Depot. Subsequently, pad sites were developed and sold that were occupied by Walgreens, Chase Bank, Citibank. The last site was sold to a developer for a retirement community. This successful retail redevelopment was one of the first of its kind south of the I-30 Corridor and has spurred other development and redevelopment in the area.
Westmount acquired the coveted 27-acre former Gemini Theater site in Dallas at the northeast corner of N. Central Expressway and Forest Lane in 2006. This site was redeveloped as Westmount Health Campus which, in March 2009, welcomed the now highly-acclaimed 66,000 square foot Forest Park Medical facility. Subsequent phases have since been developed.
Additionally in 2006, Westmount acquired the 1.1 million square foot Logistics Pointe property in Charlotte, North Carolina. Formerly a Winn-Dixie Distribution Center, Westmount purchased this property out of foreclosure from the lender which was, at the time of purchase, 100% vacant. Logistics Pointe is now 92% leased.
In December 2006, Westmount acquired a 420,000 square foot two-story office and high finish assembly building at 1000 Coit Road in Plano, Texas from the Alcatel Corporation. Following minor renovation and the preparation of alternative re-use plans, the property was successfully sold nine months later to Countrywide Mortgage/Bank of America for an office and data center regional facility.
Westmount has successfully completed some noteworthy dispositions, even in difficult times. In 2008, the company sold Braker Center in Austin, Texas, a 237,000 square foot flex property acquired 18 months before at 23% occupancy and sold at 93% occupancy.
In January of 2009, Westmount sold Riverside Commons to Research In Motion (Blackberry), a transaction that has stood out as a result of the lack of other transactions occurring at this time. Westmount acquired the 460,000 square-foot, six-building office complex from a REIT three years before when it was 50% occupied. Following an extensive renovation (including LEED certification) RIM leased 132,000 square feet and subsequently acquired the entire property for its U.S. headquarters.
In September, 2009, Westmount sold its multi-building assemblage in the core of downtown Dallas known as “Westmount Plaza” to the adjacent Joule Hotel. In a previous transaction, Westmount had sold The Joule its original two buildings. This block, adjacent to the flagship Neiman Marcus store and the historic Adolphus Hotel, now sits at the center of the rejuvination of Downtown Dallas.
Industrial Assets in Multiple Markets – Dallas, Atlanta, Tampa and Chicago
Recently, Westmount has been acquiring value-add industrial assets around the United States in multiple markets including Dallas, Atlanta, Columbus, Tampa, Chicago and Milwaukee.
Office Properties in Austin – Multifamily Properties in Dallas and Houston
Additionally, the company has been acquiring office properties in Austin and multifamily properties in Dallas and Houston.
Properties totaling more than 13,000,000 square feet and 3,700 units have been purchased since 2011.