Dallas, TX-based Westmount Realty Capital has made its third acquisition in a span of two months in the Atlanta market with the purchase of Phoenix Park Portfolio, which includes nine single-story office/medical/flex buildings spanning 288,219 square feet on a combined 24 acres.
The asset is just south of Atlanta’s Hartsfield Jackson International Airport in what is generally considered to be logistics hub of the Southeast (intersection of I-285, I-75 and I-85).
“The airport submarket is poised to be a winner in the aftermath of the pandemic due to rents being well below the metro average, stable market vacancy, heavy corporate user presence and the development of a Class A office/medical office that will further push rents in the submarket, bolstering the value proposition of the portfolio,” said Cliff Booth, Westmount’s founder and chairman.
The portfolio is currently 76% leased to 20 tenants in a 90% occupancy submarket. The portfolio is anchored by many long-term tenants who average more than 17 years of occupancy.
View All