CHICAGO –– February 18, 2025 – Westmount Realty Capital recently announced the sale of a light industrial portfolio in Chicago, comprising 17 flex industrial buildings totaling 925,391 square feet. The portfolio is strategically located within the Lake County and Northern Fox Valley submarkets, areas recognized for their sustained economic growth and increasingly constrained infill business parks. Westmount successfully owned and managed the portfolio for over five years.
The 13 assets in Buffalo Grove and Vernon Hills are located within well-established and highly desirable business parks in the Lake County industrial submarket of Chicago. These northern suburbs are particularly attractive to businesses due to their proximity to Interstate 94, O’Hare International Airport, and a strong supply of executive housing. The four Elgin assets are strategically positioned just off Interstate 90, offering direct access to O’Hare Airport and downtown Chicago. Situated within a mature and appealing business park along the Randall Road corridor, these properties also benefit from the availability of a robust local workforce, further enhancing their appeal.
“The multi-tenant properties in this portfolio are challenging and cost-prohibitive for industrial developers to replicate, particularly within Chicago’s infill submarkets,” said Brian Scruggs, managing director of industrial acquisitions at Westmount . “The portfolio’s strong tenant base and consistently high occupancy rates have solidified its position as a valuable investment for our firm.”
At the time of sale, the portfolio was 94% leased to 154 tenants with occupancy remaining in the mid-90% throughout the five-year hold period. Major new leasing occurred with notable tenants including Volkswagen, Subaru of America, Blackjack Lighting, Nexus Pharmaceuticals and American Molecular. Constructed between the late 1980s and early 2000s, the buildings feature an average office finish of approximately 50%. Over $6.5 million in total building improvements were completed during the hold period including modification to reduce office area to meet the demand of the market.
“Westmount has been a leader in the industrial market for 40 years, leveraging our deep industry expertise and market knowledge to make strategic investments in highly sought-after asset classes within high-growth cities,” said Cliff Booth, founder and chairman of Westmount . “The portfolio’s prime locations in some of Chicago’s most desirable submarkets presented a compelling acquisition opportunity, and the assets have delivered consistent strong performance throughout our ownership.”
Chicago serves as a major international trade hub for the Midwest and a vital node in national distribution networks. The city boasts a strong industrial market characterized by robust demand and a low vacancy rate of 4.7% as of December 2024. Additionally, Chicago consistently ranks among the top five markets nationwide for net absorption of industrial space.
Westmount currently owns and manages 51 buildings totaling nearly 5 million square feet throughout the Chicago market.
_______________________________________________________________________________________________________________________
About Westmount Realty Capital
Westmount Realty Capital, LLC is a time-tested, privately held, Dallas-based commercial real estate company that has achieved exceptional performance, with a core team in place, for 40 years. Westmount is seen as an innovator and leading-edge company in the industry and is a relationship-driven trusted operating partner of numerous U.S. and foreign institutional and private capital sources. The company is active within the U.S., specializing in value add and opportunistic investments, and has navigated successfully through multiple market cycles. For additional information, contact www.westmountrc.com.
For more information, contact:
Westmount Realty Capital, LLC
View All