ATLANTA – January 5, 2022 – Westmount Realty Capital 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.
The portfolio is currently 76% leased to 20 tenants in a 90% occupancy, high demand submarket. The portfolio is anchored by many long-term tenants who average more than 17 years of occupancy. Fresenius, PNC Bank, Associated Pathologists, Peachtree Orthopedic and Interdent have each occupied the asset for more than 20 years.
“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. “Westmount is poised to make a bigger footprint in Atlanta, nicknamed the ‘tech city of tomorrow.’”
The property’s location near the world’s busiest airport is one of the portfolio’s biggest appeals. The asset is also in the logistics hub of the Southeast, which is where I-285, I-75 and I-85 intersect, and is within proximity to mass transit and major population centers.
The portfolio has the amenities current tenants want — park-like environments with walk-up parking and easy access for employees in “suburban urban” locations.
“Demand is high for single-story office/medical/flex spaces,” said Nick Sands, Westmount’s senior director – industrial acquisitions. “Tenants today want buildings that offer controlled access, no common areas, dedicated HVAC, roll-up doors, floor-to-ceiling glass and exposed ceilings. The majority of tenants in this area are also in recession proof industries — medical and healthcare, union and pension advisory and GSA facilities management.”
“The portfolio is poised for growth with its long-term, ‘sticky’ tenants – some averaging more than 17 years of occupancy – and its proximity to the world’s busiest airport and the economic engine of the Southeast,” said Brant Brown, Westmount’s COO and president. “The area is backed by a pro-business local government committed to major economic development initiatives, which makes it one of the strongest business environments in the United States.”
The Phoenix Park Portfolio adds to Westmount’s growing presence in the Atlanta market. Westmount recently purchased the Norcross Infill Industrial Portfolio, which includes 12 flex/light industrial buildings in Norcross, 20 miles northeast of Atlanta’s busy central business district, and Ashwood, a Class A, 160-unit apartment community in Dunwoody, a northern suburb of Atlanta.
###
About Westmount Realty Capital
Westmount Realty Capital, LLC is a time-tested, privately held, Dallas-based commercial real estate company that has achieved exceptional performance, with a core team in place, for more than 35 years. Westmount is seen as an innovator and leading-edge company in the industry and is a relationship-driven trusted operating partner of numerous U.S. and foreign institutional and private capital sources. The company is active within the U.S., specializing in value add and opportunistic investments, and has navigated successfully through multiple market cycles. For additional information, contact www.westmountrc.com.
The full content of this article is only available to paid subscribers. If you are an active subscriber, please log in. To subscribe, please click here: SUBSCRIBE
