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21-Building, 2.4M SF Industrial Portfolio Changes Hands

This distribution facility at 8999 West Palmer Ave. in River Grove is part of the portfolio that CenterPoint sold to Westmount.

In what is one of the largest industrial portfolio sales in the Chicago market this year, Westmount Realty Capital acquired a 21-building, 2.4M SF portfolio from CenterPoint Properties. In the process, Dallas-based Westmount doubled the size of its holdings in Chicago.

The portfolio, which is 82% occupied, consists mostly of assets close to the white-hot O'Hare industrial submarket and the Illinois International Port District on the far South Side. Five properties are located from the northern suburbs to Kenosha, Wisconsin. More than half of these buildings were once owned by user/occupiers, allowing for additional value-creation opportunities in both the near and long term.

HFF's Kurt Sarbaugh and Robin Stolberg represented CenterPoint in the sale. Westmount owns over 8M SF of industrial holdings across the Midwest. The firm purchased a 10-building, 1.8M SF portfolio in Milwaukee in February 2015.