Industrial Midwest

Joint venture acquires 19-building Chicago industrial portfolio

Westmount Realty Capital, LLC, and Partners Group have purchased a 1.5 million-square-foot industrial portfolio containing 19 multi-tenant, light industrial properties in the greater Chicago market.

[caption id="attachment_68141" align="aligncenter" width="613"]8498 787 Glenn Ave. in Wheeling[/caption]

Westmount Realty Capital, LLC, and Partners Group have purchased a 1.5 million-square-foot industrial portfolio containing 19 multi-tenant, light industrial properties in the greater Chicago market.

Of the portfolio, 14 of the properties are located in close proximity to Chicago’s O’Hare International Airport and the other five are situated in the Romeoville, Gurnee and Wheeling submarkets.

The buildings are said to be well-maintained and currently at 86 percent occupancy in a submarket that is experiencing unprecedented occupancy averaging 96 percent.

Westmount and Partners Group formed a joint venture to acquire the Chicago properties from a large, institutional owner of industrial real estate.

In 2014, Westmount acquired 1.46 million square feet of office/warehouse assets in Chicago. Now combined with the most recent acquisition, the portfolio totals 3 million square feet and 27 buildings. The firm will provide local property management services to its portfolio.