One of the buildings in the Westmount Midwest Industrial Portfolio, occupied by packaging firm Pactiv.
CHICAGO, IL—Dallas-based Westmount Realty Capital is acquiring a 1.43 million square-foot industrial portfolio in Chicago, IL, and Cincinnati and Columbus, OH. Consisting of 12 buildings built between 1970 and 1994, the portfolio has clear heights ranging from 20-26 feet, an average office finish of seven percent and an average historical tenant tenure of 12 years.
The portfolio is centrally located within the US, with access to major interstate transportation corridors. The Chicago location also has access to several major interstate freeways, with easy access to the Chicago core. The Cincinnati and Columbus locations have access to advantageous transportation such as CSX Intermodal and I-75, respectively.
“This portfolio presented Westmount with a unique opportunity to acquire a critical mass of well-located, infill industrial real estate in three of the strongest industrial markets in the Midwest,” says Brian Scruggs, managing director, acquisitions, for Westmount Realty Capital. “Historically, the portfolio has been institutionally managed and operated and tenant retention in recent years has been exceptionally high in this collection of expensive-to-replicate last mile facilities.”
The buildings are currently occupied by a diverse mix of companies that use their space for local, regional and national distribution as well as assembly and manufacturing purposes. Some of the larger tenants in the portfolio include nationally reputable companies such as Pactiv, Sonoco Products, Graham Packaging, SAF-Holland USA and FedEx.
In the Chicago area, the portfolio consists of a 123,986-square-foot single asset in Alsip that is currently 100 percent leased to four tenants. Built in 1973, this building has a 24-foot clear height, 19 truck docks, and a 10 percent office finish.
The Cincinnati portion of the portfolio includes a collection of seven assets. Five of the buildings are in the established West Chester submarket on the north side of the Cincinnati metro area. The remaining two buildings are located off Interstate 71 just east of the Cincinnati/Northern Kentucky International Airport.
The Columbus portion of the portfolio consists of three infill properties in the West submarket and one 289,491-square-foot asset located south in the Rickenbacker submarket. This portion of the portfolio is currently 78 percent leased.
“Westmount is bullish on the Midwest industrial market,” says Clifford Booth, president and CEO of Westmount. “The purchase of these properties adds to our growing industrial portfolio throughout the Midwest and we're actively seeking value-add and opportunistic investments in select markets across the US.”
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
