MINNEAPOLIS – August 9, 2022 – Westmount Realty Capital announced today the purchase of the West Tech Industrial Portfolio, a 316,752-square-foot portfolio consisting of five office/warehouse buildings in the western and southwestern suburbs of Minneapolis.
The portfolio is strategically located within the Twin Cities Medical Alley and Golden Triangle. Spanning 126,936 square feet, the Class A Plymouth buildings were built in 2001. Eden Woods buildings were built in 1985 and are located in the Eden Prairie in the southwest submarket. The Cedar building is a 65,484-square-foot flex building that is located in the south-central submarket.
“Westmount looks for strategic opportunities in markets with strong tenant demand and growth that will bring great returns for us and our investors,” said Brian Scruggs, Westmount’s managing director of acquisitions. “Medical Alley and the Golden Triangle are some of the most coveted destinations for office tech and medical device/life sciences firms in Minneapolis. This portfolio provided a compelling acquisition opportunity for Westmount with its diversified rent roll and strong-credit tenancy.”
The West Tech portfolio is 90% leased to 13 tenants across multiple industries including aeronautics, defense, life sciences and technology, and overall is experiencing robust leasing velocity with strong tenant demand. Westmount plans to make upgrades including roof and HVAC replacements.
“We look forward to expanding our portfolio in the two most dynamic submarkets in the Twin Cities,” said Brant Brown, president and COO of Westmount. “The portfolio’s lease-up potential, value-add investment, life sciences conversion opportunities and proximity to downtown Minneapolis made this a key acquisition for our investors.”
Minneapolis-St. Paul has one of the biggest high-tech industries in the country. In the area, jobs in high-tech industries account for 12.8% of overall employment compared to 9.5% nationwide.
About Westmount Realty Capital
Westmount Realty Capital, LLC is a private Dallas-based owner and operator specializing in value-add, opportunistic and core-plus investments. For over 35 years, our time-tested and relationship-driven approach to commercial real estate investment has generated superior returns and earned the trust of numerous U.S. and foreign institutional and private capital sources
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