Westmount Acquires 12-Building, 264K-SF Industrial Portfolio in Atlanta

Westmount Realty Capital, LLC, has purchased a 12-building, 264,029-square-foot infill industrial portfolio in the Atlanta surrounds of Norcross, GA. Financials were not disclosed.

The acquisition consists of a three-building, 86,470 square-foot portfolio that is fully leased; an eight-building, grade-level flex portfolio that is 90% leased; and one free-standing building in Stone Mountain/Tucker.

“Twenty-one percent of the portfolio is currently on modified gross leases, providing us with an opportunity to create more value by converting gross tenants to net leases,” said Cliff Booth, Westmount’s founder and chairman.

“Atlanta is the distribution hub of the southeast because of its proximity to the booming Port of Savannah, highly diversified economy and comparatively low cost of living and doing business,” added Nick Sands, Westmount’s senior director – industrial acquisitions. “Historically, Norcross has been one of the most desirable and land-constrained industrial submarkets in the country. The region’s growth provides a great outlook for real estate investment, and we plan on staying active in the market.”

 

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