A Dallas-based real estate company is reestablishing its industrial presence in metro Atlanta, given the sector’s strong performance over the past few years.
Westmount Realty Capital recently purchased Plaza 85 Business Park, a 191,soo-square-foot portfolio in Norcross, from Atlanta-based Elmo Enterprises for about $21 million. The industrial space is split between nine buildings on Unity Drive.
Over the past 12 months, the average asking rent for industrial space in the Norcross area has grown by 12%, according to commercial real estate research firm Costar. The submarket experienced 930,000 square feet of net absorption, while no new deliveries were made.
The portfolio, about 92% leased, is split between 49 tenants in the technology, telecommunications and light manufacturing fields. The company plans to spend more than $1 million on renovating the buildings, which date to the 1980s.
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