Airport Commerce Park

Westmount acquired the Phoenix Park Portfolio in early 2022 in a single transaction. The portfolio includes 9 flex industrial, office, and medical buildings totaling 288,219 SF and is self contained on a 24-acre site just south of the regions’ largest economic driver and busiest airport in the world, Atlanta Hartsfield Jackson International Airport. Upon acquisition, Westmount rebranded the property to Airport Commerce Park.

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 extensive on-going development at 6-West. 6-West is projected to deliver an additional 2.3M SF of Class A office/medical office that will further push rents in the submarket, bolstering the value proposition of the portfolio.

At the time of purchase, occupancy of the portfolio was 76% while the submarket average was 90%. The portfolio is anchored by many long-term tenants who average more than 17 years of occupancy. Fresenius, PNC Bank, Associated Pathologists, Peachtree Orthopedic and Interdent have each occupied the asset for more than 20 years.