ATLANTA – September 7, 2022 – Westmount Realty Capital announced the third recent purchase of an industrial flex portfolio in Atlanta’s Norcross submarket, 5500 Oakbrook. This portfolio consists of two, single-story flex buildings totaling 56,602 square feet located at 5500 Oakbrook Parkway. This purchase sits near two other acquisitions also acquired by Westmount, Plaza 85 and Norcross 85.
Oakbrook was constructed in 1980 and is currently 100% leased to 20 tenants with an average lease size of 2850 square feet. The portfolio has direct access to I-85 and Jimmy Carter Boulevard and sits in a prime location with close access to different markets throughout the Southeast. The Norcross submarket currently caters to technology, telecom and light manufacturing firms. Westmount plans to make the following changes to the portfolio over a five-year period: two roof replacements and repairs, parking lot repairs and HVAC repairs and replacements.
“Atlanta’s central location as a distribution hub of the Southeast, proximity to the booming Port of Savannah, highly diversified economy and comparatively low cost of doing business are all factors that have facilitated growth in the region,” said Brant Brown, Westmount’s president and COO. “Westmount looks for investments in strong, growing markets and Oakbrook is a solid addition to our thriving industrial portfolio in Atlanta.”
Atlanta continues to be a strong market post-pandemic with its low unemployment rate and robust construction pipeline. The city’s industrial market had a strong start this year and remains incredibly active, with net absorption reaching 9.92 million square feet. The Norcross submarket absorbed 2.7 million square feet in the second quarter, marking it the highest among the Atlanta submarkets. The outlook remains solid for the submarket with no signs of slowing down.
“With the Norcross Atlanta submarket rapidly growing, Oakbrook will continue to propel Westmount’s expanding portfolio in this active industrial market,” said Nick Sands, Westmount’s managing director of acquisitions in the Southeast. “The rapid growth combined with the vast businesses and varied retail options make for an accessible area for Westmount to continue to grow.”
The Oakbrook industrial portfolio adds to Westmount’s growing presence in the Atlanta market, making the firm’s eight acquisitions in the metro area, bringing their portfolio to nearly 1 million square feet.
About Westmount Realty Capital
Westmount Realty Capital, LLC is a private Dallas-based owner and operator specializing in value-add, opportunistic and core plus investments. For over 35 years, our time-tested and relationship-driven approach to commercial real estate investment has generated superior returns and earned the trust of numerous U.S. and foreign institutional and private capital sources. For additional information, contact www.westmountrc.com.
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