Westmount Realty Capital, LLC, a Dallas-based real estate investment company, is pleased to announce the sale of a 332,250-square-foot, 14-building in-fill industrial portfolio located in the Westside/Airport submarket of Tampa.
FOR IMMEDIATE RELEASE
Dallas, TX -- Westmount Realty Capital, LLC, a Dallas-based real estate investment company, is pleased to announce the sale of a 332,250-square-foot, 14-building in-fill industrial portfolio located in the Westside/Airport submarket of Tampa. The portfolio consisted of six showroom and flex buildings on West Waters Avenue, two rear-load dock-high buildings on Sunstate Street and six front-load dock-high distribution warehouse buildings on Pioneer Park Blvd.
“Westmount acquired this portfolio in 2013 and through exterior upgrades we were able to keep the property competitive and increase occupancy rates from 75 to 94.5 percent,” said Clifford Booth, president and CEO of Westmount. “Our strategy includes targeting value-add and opportunistic industrial properties and we are actively seeking to acquire these types of properties across the U.S.”
The original business plan for this investment was achieved on schedule and Westmount determined that, given the robust sales environment, it was an opportune time to exit the investment. Other factors included the size of the property and its location.
This industrial portfolio was strategically located to provide access to the entire Tampa region via nearby Veterans Expressway, Interstate 275, as well as the Tampa International Airport. The multi-tenant properties were constructed in the 1980s and have undergone a significant renovation bringing them back into prime leasing condition. Improvements to the property include exterior paint, new signage and graphics, improved landscaping and made-ready vacant suites.
Westmount currently has more than 15.8 million square feet of industrial space throughtout the U.S.
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 30 years. Westmount is seen as an innovator and leading edge company in the industry and is a trusted operating partner of numerous U.S. and foreign institutional and private capital sources. The company is active nationally, specializing in value add and opportunistic investments, and has navigated successfully through multiple market cycles. For additional information, contact www.westmountrc.com.