Westmount Sells 21-Building Elk Grove Industrial Portfolio
Westmount Realty Capital has sold Elk Grove Village, a portfolio of 21 light industrial buildings spanning 757,557 square feet in the O’Hare submarket. The buyer and sale price were not disclosed. Westmount has owned the portfolio for three years.
The portfolio is 97% leased to 107 tenants. The buildings were built in between the late 1960s to late 1970s and have approximately 20% average office finish.
“The multi-tenant properties within this portfolio are difficult and expensive for industrial developers to replicate, especially in a market like Chicago,” said Brian Scruggs, Westmount’s managing director of industrial acquisitions. “The portfolio’s strong tenant profile and continuous high occupancy rate have made this portfolio a strong investment for our firm.”
Westmount currently owns and manages 58 buildings totaling 5.4 million square feet across the Chicago market.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
CRE courses for CE credits
Get CE course credits, centered around all things CRE. View our courses today!