JV sells 1.2 million sq ft business park in Georgia

JV sells 1.2 million sq ft business park in Georgia

The joint venture between Westmount Realty Capital, LLC and Quilvest Capital Partners announced the sale of Gwinnett Commons, a 1.2-million-square-foot master-planned business park spanning 115 acres with 17 Class A buildings as well as an additional 6-acre, pad-ready site for future development.

The portfolio was acquired by the joint venture in December 2015 and is located at 1700-1865 Corporate Drive and 4145-4165 Shackleford Road in Norcross, Gwinnett County, Georgia. This portfolio is one of the premier business parks in the I-85 northeast corridor.

The 13 buildings on Corporate Drive were constructed from 1984 – 2000 with a mix of light industrial, rear-load and multi-tenant buildings. The Shackleford Road properties consist of four office buildings built between 2000 and 2002.

“We acquired an under-performing portfolio that was 71% occupied and were able to actively manage the asset, growing occupancy to 91% with stable cash flow,” said Cliff Booth, CEO of Westmount. “The project was successfully repositioned and rebranded as Gwinnett Commons after an extensive, approximately $9 million exterior and interior renovation to enhance its appeal as a strategically located business park in one of the most desirable and land-constrained industrial submarkets in the country.” 

“Westmount’s time-tested approach and successful turnaround strategies quickly brought this underperforming asset up to market standards, surpassing overall leasing objectives,” said Barry Hammerman, Head of Real Estate at Quilvest Capital Partners. “Through a focused leasing and management program, Gwinnett Commons was restored to its position as the premier business park in the region, supporting a successful sale.”