Gwinnett Commons
Download Case Study- 2015
Acquisition Year
- 5
Years
Held - 1.2M
Total Square Footage
- 16
Number of Buildings
- 97%
Occupancy at Sale
OPPORTUNITY
Gwinnett Commons is one of the premier master-planned business parks in the I-85 northeast corridor in Norcross, GA. With access to three I-85 interchanges, the attractive, single-story, brick-exterior complex was developed in eight phases over a 30-year period. It encompasses 17 Class A buildings comprised of 13 light industrial buildings totaling 944,455 square feet and four office buildings totaling 236,567 square feet. The complex sits on a 115-acre site with a six-acre, pad-ready site for future development.
SOLUTION
Westmount acquired the property in 2015 at below market occupancy. Occupancy of the industrial portfolio was 79% while the office portfolio was 48%. Following the acquisition, we performed speculative tenant improvements to enhance the project’s appeal and ability to accommodate near-term occupancy requirements. We also converted several office buildings to industrial to accomodate additional demand from tenants. Lastly, we rebranded the property as Gwinnett Commons and created a focused management, tenant relations, and leasing program that marketed the project’s unsurpassed location, refreshed image, and modern features. These efforts yielded numerous renewals and tenant expansions over the hold period.
TAKEAWAY
Gwinnett Commons was an underperforming asset with great potential stemming from its location and access to nearby highways. Westmount identified this and moved swiftly to implement renovations, remarket the asset, and foster healthy tenant relations through proactive management and service. During the life of the deal, Westmount completed $14M in capital projects and raised occupancy to 97%.
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