Westmount Realty Capital LLC sold an industrial portfolio consisting of 21 buildings located near O’Hare International Airport for an undisclosed amount.
The sale closed on Nov.1 to an undisclosed buyer, according to Brian Scruggs, managing director of industrial acquisitions for Westmount, which had owned the 758,000 square-foot portfolio for three years.
The company sold the portfolio, which is 97% occupied with 107 tenants, because of the “strong market dynamics resulting in a mutually appealing transaction with our buyer;’ Scruggs told the Chicago Business Journal.
He said Chicago is an international trade hub for the Midwest as well as a critical market for distribution networks. It has a low vacancy record of 1.9% and an occupancy rate that reached 98% at the end of June 2022.
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