{"id":1004474374,"date":"2020-08-28T03:52:30","date_gmt":"2020-08-28T11:52:30","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004474374"},"modified":"2020-08-28T05:27:04","modified_gmt":"2020-08-28T13:27:04","slug":"westmount-jv-sells-1-2-msf-atlanta-business-park","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/westmount-jv-sells-1-2-msf-atlanta-business-park\/","title":{"rendered":"Westmount JV Sells 1.2 MSF Atlanta Business Park"},"content":{"rendered":"
\"\"<\/a>

Gwinnett Commons. Image courtesy of Westmount Realty Capital<\/i><\/p><\/div>\n

A partnership between Westmount Realty Capital and Quilvest Capital Partners has finalized the disposition of Gwinnett Commons, a 1.2 million-square-foot business park spread across 115 acres in Norcross, Ga. The deal included 17 Class A industrial and office buildings and a 6-acre land parcel for a future development opportunity.<\/p>\n

The portfolio consists of 13 light industrial and multi-tenant buildings completed between 1984 and 2000 and located at 1700-1865 Corporate Drive, along with four office buildings delivered between 2000 and 2002 and located at 4145-4165 Shackleford Road. Situated close to Interstate 85, the park is 22 miles northeast of downtown Atlanta.<\/p>\n

The joint venture seller paid Dexter Properties $82 million for the campus in 2015, according to Yardi Matrix data. KKR originated a three-year, $73 million acquisition loan at the time. In 2018, the same lender provided a four-year, $74.5 million refinancing package for the partnership.<\/p>\n

Renovation and repositioning<\/h2>\n

During its five-year hold, the joint venture invested nearly $9 million in a capital improvement plan on the buildings, implementing both interior and exterior upgrades and rebranding the complex as Gwinnett Commons, according to Westmount CEO Cliff Booth.<\/p>\n

Additionally, the owner selected Strategic Real Estate Partners to market the property, increasing the occupancy rate from 79 percent to 100 percent for the industrial properties, and from 48 percent to 90 percent for the office assets.<\/p>\n

Cushman & Wakefield Vice Chairman Stewart Calhoun and Senior Director Casey Masters negotiated on behalf of the seller. In July, the duo was part of a team that closed the $58 million sale<\/a> of a 617,000-square-foot Amazon-leased warehouse in Ocala, Fla. The brokerage represented Redrock Development and Wharton Industrial in the sale to Lexington Realty Trust.<\/p>\n","protected":false},"excerpt":{"rendered":"

The partnership acquired the 17-building portfolio for $82 million in 2015 and invested some $9 million in renovations.<\/p>\n","protected":false},"author":867,"featured_media":1004474377,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1489,21743,21748,21742],"tags":[36351,32799,32883,50131,34096,33100],"class_list":["post-1004474374","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-atlanta","category-deals","category-industrial","category-latest","tag-capital-improvement","tag-cushman-wakefield","tag-kkr","tag-quilvest-private-equity","tag-stewart-calhoun","tag-westmount-realty-capital"],"acf":[],"yoast_head":"\nWestmount JV Sells 1.2 MSF Atlanta Business Park - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/westmount-jv-sells-1-2-msf-atlanta-business-park\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Westmount JV Sells 1.2 MSF Atlanta Business Park\" \/>\n<meta property=\"og:description\" content=\"The partnership acquired the 17-building portfolio for $82 million in 2015 and invested some $9 million in renovations.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/westmount-jv-sells-1-2-msf-atlanta-business-park\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2020-08-28T11:52:30+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-08-28T13:27:04+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/08\/Gwinnet-Commons.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Pavel Cazacu\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/westmount-jv-sells-1-2-msf-atlanta-business-park\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/westmount-jv-sells-1-2-msf-atlanta-business-park\/\",\"name\":\"Westmount JV Sells 1.2 MSF Atlanta Business Park - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/westmount-jv-sells-1-2-msf-atlanta-business-park\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/westmount-jv-sells-1-2-msf-atlanta-business-park\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/08\/Gwinnet-Commons.jpg\",\"datePublished\":\"2020-08-28T11:52:30+00:00\",\"dateModified\":\"2020-08-28T13:27:04+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/caac04e9f88552f7c898ba456c2498d8\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/westmount-jv-sells-1-2-msf-atlanta-business-park\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/westmount-jv-sells-1-2-msf-atlanta-business-park\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/westmount-jv-sells-1-2-msf-atlanta-business-park\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/08\/Gwinnet-Commons.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/08\/Gwinnet-Commons.jpg\",\"width\":800,\"height\":620,\"caption\":\"Gwinnet Commons. 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