Westmount Realty Capital Acquires Three Million-Square-Foot Industrial Portfolio
Westmount Realty Capital, LLC and Garrison Investment Group are pleased to announce the acquisition of a portfolio of industrial properties in the Columbus, Ohio area. The portfolio consists of 10 properties containing a total of 2,982,959 square feet located throughout four of the top submarkets in Columbus, Ohio: Southeast, West, North and Delaware. Although the value of the transaction was undisclosed, the acquisition by the Westmount/Garrison partnership makes the partnership among the top five largest property owners in the Columbus metropolitan area.
The properties include nine warehouse/ distribution buildings and one flex property, ranging in size from 98,800 square feet to 705,600 square feet and ages from 1964 to 2002 construction. Use is split evenly between single tenant and multi tenant , providing a diversification of product type, with an average building size of approximately 300,000 square feet. There is currently one fully vacant asset in the portfolio.
Westmount/Garrison views the transaction as an excellent opportunity to purchase an underperforming 56 percent occupied portfolio. The portfolio is underperforming its competitive set in most submarkets. Notwithstanding the advanced age of several of the buildings, they are all substantially well maintained and fully functional for many potential tenants.
Management of the properties will be performed by Westmount’s affiliate, Westmount Realty Group, LLC, which has hired the experienced facilities manager who has been managing the properties for more than four years.
Clifford A. Booth, president and CEO of Westmount, commented, “Current ownership is well capitalized and prepared to fund tenant and capital improvements at each of the properties as necessary and in some cases proactively, to work closely with the brokerage community, and respond quickly and decisively to lease proposals.”
Jones Lang LaSalle represented the seller in the transaction.
Westmount Realty Capital LLC 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.
Garrison Investment Group is a leading U.S. credit and asset-based investor with $3.0 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 63 employees (41 investment professionals).
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