Westmount Realty Capital is partnering with a fund managed by the Real Estate Group of Ares Management Corporation to recapitalize a 51-asset industrial portfolio totaling 6.1 million square feet located in established industrial submarkets of Chicago and Milwaukee. Westmount and Ares acquired the institutional-quality portfolio from a Partners Group- Westmount joint venture. Deal terms weren’t disclosed.
The majority of the portfolio is located in the Chicago MSA, and the largest cluster of assets is proximate to O’Hare International Airport. The portfolio is currently 98.8% leased to a roster of 123 national and regional tenants with an attractive lease rollover profile.
“This is a gratifying day for us, and it speaks to Westmount’s tenacious approach to asset management and value-add investment strategy,” said Cliff Booth, Westmount’s founder and chairman. Michael Caprile with CBRE and Josh McArtor with Eastdil handled the transaction on behalf of the seller.
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