Westmount Grows Chicago-Area Industrial Portfolio by 2 MSF
- Oct 09, 2017
Westmount Realty Capital completed the third wave of acquisitions in the greater Chicago area, adding 2.4 million square feet to its industrial portfolio. The latest purchase consisted of 21 buildings located throughout nine submarkets, 16 of which are in close proximity to the Chicago O’Hare International Airport and the Illinois International Port District. The rest of them are built north of Chicago, from Lake County, Ill., to Kenosha, Wisc.
The properties vary in size and design and are all well-maintained, with an occupancy of 82 percent. More than half of the buildings offer additional value creation opportunities in both the near and long term.
Westmount acquired its first industrial properties, totaling 1.5 million square feet, in 2014. Two years later, the company doubled the portfolio’s square footage. Following its latest acquisition, Westmount’s Chicago-area assets span more than 5 million square feet, while its Midwest footprint is roughly 8 million square feet. To better manage its growing portfolio, the company announced that it plans to expand the local property management agency into a regional office located in Chicago.
Image courtesy of Westmount Realty Capital