DALLAS – April 16, 2020 — Today, the joint venture of Westmount Realty Capital, LLC and Quilvest Capital Partners announced the sale of Gwinnett Commons, a 1.2-million-square-foot master-planned business park spanning 115 acres with 17 Class A buildings as well as an additional 6-acre, pad-ready site for future development.
The portfolio was acquired by the joint venture in December 2015 and is located at 1700-1865 Corporate Drive and 4145-4165 Shackleford Road in Norcross, Gwinnett County, Georgia. This portfolio is one of the premier business parks in the I-85 northeast corridor.
The 13 buildings on Corporate Drive were constructed from 1984 – 2000 with a mix of light industrial, rear-load and multi-tenant buildings. The Shackleford Road properties consist of four office buildings built between 2000 and 2002.
“We acquired an under-performing portfolio that was 71% occupied and were able to actively manage the asset, growing occupancy to 91% with stable cash flow,” said Cliff Booth, CEO of Westmount. “The project was successfully repositioned and rebranded as Gwinnett Commons after an extensive, approximately $9 million exterior and interior renovation to enhance its appeal as a strategically located business park in one of the most desirable and land-constrained industrial submarkets in the country.”
The joint venture made substantial improvements to the single-story, brick exterior complex including a refreshed image and modern features such as roof replacements, parking lot repairs, new signage, park entry kiosks and landscaping.
The enhanced buildings enabled strategic leasing and marketing efforts, led by JR Wright and Bob Burdell of Strategic Real Estate Partners, LLC, resulting in the industrial buildings’ occupancy level increasing from 79% upon acquisition to 100%. The office buildings’ occupancy level was increased from 48% to 90%, excluding one building that was slated for redevelopment. Over the course of the investment period, NOI increased 46%.
“Westmount’s time-tested approach and successful turnaround strategies quickly brought this underperforming asset up to market standards, surpassing overall leasing objectives,” said Barry Hammerman, Head of Real Estate at Quilvest Capital Partners. “Through a focused leasing and management program, Gwinnett Commons was restored to its position as the premier business park in the region, supporting a successful sale.”
Stewart Calhoun and Casey Masters of Cushman & Wakefield represented the joint venture in the sale transaction.
About Westmount Realty Capital
Westmount Realty Capital, LLC is a leading-edge privately held commercial real estate investment and management firm that specializes in value-add and opportunistic investments in the industrial, multifamily and office sectors. Headquartered in Dallas, TX, Westmount has built a reputation for exceptional asset performance and time-tested results over its 30-year history. The company’s relationship-driven approach to investing has earned the trust of numerous U.S. and foreign institutional and private capital sources. For additional information, contact www.westmountrc.com.
About Quilvest Capital Partners
The Quilvest Group is a leading, global, independent wealth manager and private equity investor, with approximately $36 billion in assets under management. With a 120-year, seven generation family shareholder heritage, the Quilvest Group takes a principal approach to investing. The Firm’s sophistication, history, and stability speak directly to the consistency and trustworthiness required to manage the wealth of private investors, families and institutions alike. The Quilvest Capital Partners unit manages approximately $6 billion of alternative assets, including Corporate Private Equity, Co-investments, Private Debt and Real Estate Private Equity. Quilvest employs a flexible approach to real estate investing, with experience acquiring properties across various asset classes, strategies, and risk profiles. The team works alongside strong local operating partners to add value at the real estate level by repositioning properties, infusing capital to accelerate growth initiatives, and capitalizing on market dislocations favoring specific submarkets and niche opportunities. For additional information, please reference http://www.quilvestcapitalpartners.com.
For more information, contact:
Westmount Realty Capital, LLC:
Alice Kettle, Manager of Investor Relations
214-884-3702
akettle@westmountrc.com
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