Westmount, Stockbridge Partner on 1.7M-SF Industrial Buy

Westmount Realty Capital and Stockbridge partnered to acquire a 1.7 million-square-foot light industrial portfolio in the Chicago region for an undisclosed sum. Stockbridge acquired the portfolio on behalf of the firm’s Value Fund III, a closed-end value-add vehicle.

With an occupancy rate of 95%, the portfolio includes 38 buildings in some of Chicago’s most sought after submarkets, including O’Hare, Lake County and Elgin. With this acquisition, Westmount now has more than 6.3 million square feet of industrial space in Chicagoland.

“The portfolio is an ideal strategic fit for our value-add fund series, providing the opportunity to acquire four well-located industrial parks and enhance operations through a light renovation program,” said Dan Weaver, managing director, Stockbridge.

“Westmount has remained bullish on the Chicago industrial market, and we are actively looking for off-market industrial deals in key submarkets in the region,” said Westmount CEO Clifford Booth.

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