Westmount Realty Capital made another recent acquisition in the Atlanta market with the purchase of a 264,029-square-foot infill industrial portfolio in Norcross, 20 miles northeast of Atlanta’s busy central business district. The asset, which includes 12 flex/light industrial buildings, is located in Gwinnett County, an area where Westmount previously owned Gwinnett Commons, a 1.2-million-square-foot master-planned business park, and later sold in August 2020 as part of a joint venture.
The acquisition consists of Norcross 85, a three-building, 86,470 square-foot portfolio that is fully leased with 15 tenants, Peachtree Corners, an eight-building, grade-level flex portfolio that is 90% leased with more than 40 tenants and one free-standing building in the nearby submarket of Stone Mountain/Tucker. The asset has easy access to Interstate 85, Interstate 285 and the Norfolk Southern Railway. Nearby Hartsfield-Jackson Atlanta International Airport is also the busiest passenger airport in the U.S.
“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,” said 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, so we’re thrilled to be back in the region. 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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