COLUMBUS—In late June 2013, Garrison Investment Group acquired 10 industrial properties located in the Columbus metropolitan area. And Garrison has just hired Westmount Realty Capital, L.L.C. to manage the new portfolio. The partners say Westmount will likely buy into the equity of the deal in the near future. The two companies already own and operate nine other assets in the Columbus market and with this new deal have the second largest industrial portfolio in the Columbus area.
“As the Columbus market is recovering, the assets were able to be purchased at levels well below replacement cost and on a basis that will allow ownership to be quite competitive on rental rates,” says Cliff Booth, chief executive officer at Dallas-based Westmount Realty Capital. “The reasonable cost of this acquisition should translate into accelerated leasing velocity and added value.”
Garrison and Westmount now control nearly 5-million-square-feet of industrial space in and around Columbus. In September 2012, the partnership bought 10 other industrial properties with a total of nearly 3-million-square-feet from First Industrial Realty for $38.7 million.
The new buildings have a wide variety of uses, including warehouse, distribution and flex space, and range in size from 19,764-square-feet to 391,000-square-feet. All were built in the 1970's and underwent renovations just before the economic crash.
“Although the properties have been well maintained, ownership plans to invest nearly $2 million in capital improvements across the portfolio on various capital repairs including roof replacements, parking lot work and signage improvements on some of the properties, as well as exterior and interior painting and lighting upgrades,” adds Booth.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
