In February, Dallas-based Westmount Realty Capital LLC invested in the Milwaukee market, purchasing a portfolio of 10 underutilized industrial buildings in the metro area.
Most of the buildings were built in the 1970s, needed major capital improvements and had numerous rolling leases and vacancies.
Westmount, which purchased the 1.7 million-square-foot portfolio from Oak Brook, Ill.-based CenterPoint Properties for $61 million, took a proactive management role and listened to its local real estate brokers.
The effort paid off.
In 10 months, two of the most underperforming buildings in the portfolio have been sold, bringing in a profit of $1.8 million, and the eight remaining properties in the portfolio are one lease away from full occupancy.
“We’re 114,000 square feet from full vacancy,” said Stephen Kanoff, founding partner, director and chief investment officer of Westmount. “It’s not a matter of if, just when.”
View All