CHICAGO –– November 8, 2022 – Westmount Realty Capital announced the recent sale of Elk Grove Village, a portfolio of 21 light industrial buildings spanning 757,557 square feet located in the O’Hare submarket which houses the most mature concentration of industrial assets in the Chicago industrial market. Westmount has owned the portfolio for three years.
Elk Grove Village sits on 47 acres and is located immediately adjacent to the northwest side of O’Hare International Airport. The O’Hare submarket is known as ground zero for Chicago industrial market, based on its location, as well as its abundant supply of industrial space.
“The multi-tenant properties within this portfolio are difficult and expensive for industrial developers to replicate, especially in a market like Chicago,” said Brian Scruggs, Westmount’s managing director of industrial acquisitions. “The portfolio’s strong tenant profile and continuous high occupancy rate have made this portfolio a strong investment for our firm.”
The portfolio is 97% leased to 107 tenants. The buildings were built in between the late 1960’s to late 1970’s and have approximately 20% average office finish.
“Westmount has been active in the industrial market for more than 35 years and our knowledge of the industry and various markets has allowed us to make solid investments in extremely desirable asset classes in high-growth cities,” said Cliff Booth, Westmount’s founder & chairman. “The portfolio’s strategic location in the most mature concentration of industrial assets in Chicago’s surrounding submarkets provided Westmount with a compelling opportunity to acquire the properties which in return, consistently performed well throughout the course of our ownership.”
Chicago is an international trade hub for the Midwest, as well as a critical market for distribution networks. It has a strong industrial market with robust demand, a low vacancy record of 1.9% and an occupancy rate that reached 98% at the end of June 2022. The city also continues to rank as a top five market for net absorption of industrial space nationally.
Westmount currently owns and manages 58 buildings totaling 5.4 million square feet across the Chicago market.
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.
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Westmount Realty Capital, LLC