Westmount Acquires 1.43M SF of Industrial Space in Chicago, Cincinnati and Columbus, Ohio
“Westmount is bullish on the Midwest industrial market,” says Clifford Booth, president and CEO of Westmount. “We’re actively seeking value-add and opportunistic investments in select markets across the US.”
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.”