Westmount Realty Capital Acquires Nine-Building Portfolio in Atlanta
Dallas, TX-based Westmount Realty Capital has made its third acquisition in a span of two months in the Atlanta market with the purchase of Phoenix Park Portfolio, which includes nine single-story office/medical/flex buildings spanning 288,219 square feet on a combined 24 acres.
The asset is just south of Atlanta’s Hartsfield Jackson International Airport in what is generally considered to be logistics hub of the Southeast (intersection of I-285, I-75 and I-85).
“The airport submarket is poised to be a winner in the aftermath of the pandemic due to rents being well below the metro average, stable market vacancy, heavy corporate user presence and the development of a Class A office/medical office that will further push rents in the submarket, bolstering the value proposition of the portfolio,” said Cliff Booth, Westmount’s founder and chairman.
The portfolio is currently 76% leased to 20 tenants in a 90% occupancy submarket. The portfolio is anchored by many long-term tenants who average more than 17 years of occupancy.
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.