The region also recorded 753,000 square feet of positive absorption in the third quarter. Although the majority of that was for bulk warehouses, all three product types, including office showrooms and office warehouses, recorded between 100,000-400,000 square feet of positive absorption, “signaling that there is strong growth in many industrial-use sectors,” Colliers says.

With this acquisition, Westmount now has more than eight million square feet of industrial space in the Midwest region of the US. The company currently has a five million-square-foot industrial portfolio in the greater Chicago area. Westmount acquired a 10-building industrial portfolio totaling 1.63 million square feet of space in the Milwaukee area in early 2015. The company's Columbus-area portfolio is roughly 1.39 million square feet of industrial space.

Colliers International was the listing broker on this acquisition.

MINNEAPOLIS—Dallas-based Westmount Realty Capital has just shown once again how much it likes the Midwest. It recently acquired a five-building, 845,622-square-foot industrial portfolio in the Minneapolis metro area. This acquisition was its first in the Twin Cities, but as reported in GlobeSt.com, the company also recently bought a major portfolio in the Milwaukee area, and another in the Chicago region, where it already owned millions of square feet.

“We are in a period of strategic growth and this property presented Westmount with the opportunity to acquire a multi-tenant, industrial infill property with significant potential,” says Clifford Booth, president and chief executive officer of Westmount. “Westmount is currently looking to acquire stabilized and value-add industrial assets within the primary and secondary markets within the US.”

Located in the southwest suburban industrial market of Minneapolis, the fully-occupied portfolio is close to the Minneapolis-St. Paul International Airport. The area is considered an important trucking hub in the Midwest, second only to Chicago. ND and SD, IA and western WI are all in the logistics range of the Minneapolis-St. Paul area.

That drives a lot of demand, and has helped push down the region's overall vacancy rate to historic lows. According to Colliers International, by the end of the third quarter, the rate had fallen to just 6.9%, the lowest that Colliers has recorded since it began collecting data in 2003.

The region also recorded 753,000 square feet of positive absorption in the third quarter. Although the majority of that was for bulk warehouses, all three product types, including office showrooms and office warehouses, recorded between 100,000-400,000 square feet of positive absorption, “signaling that there is strong growth in many industrial-use sectors,” Colliers says.

With this acquisition, Westmount now has more than eight million square feet of industrial space in the Midwest region of the US. The company currently has a five million-square-foot industrial portfolio in the greater Chicago area. Westmount acquired a 10-building industrial portfolio totaling 1.63 million square feet of space in the Milwaukee area in early 2015. The company's Columbus-area portfolio is roughly 1.39 million square feet of industrial space.

Colliers International was the listing broker on this acquisition.