Westmount Realty Capital announced the purchase of another industrial infill portfolio in Atlanta’s Norcross submarket, Atlanta Plaza 85. The 191,526-square-foot portfolio consists of nine flex/light industrial buildings, with each building averaging 21,281 square feet. This purchase comes on the heels of Westmount’s recent acquisition of the Phoenix Park Portfolio comprised of nine single-story office/medical/flex buildings spanning 288,219 square feet on a combined 24 acres located just south of Atlanta’s Hartsfield Jackson International Airport.

The Atlanta Plaza 85 portfolio sits northeast of Atlanta’s central business district with direct access to I-85, I-285 and Jimmy Carter Boulevard. Atlanta has remained a strong market throughout the pandemic, with all product types seeing increases, and industrial rates rising consistently as available space decreases. With muted construction in the surrounding area due to strict zoning regulations, landlords are seeing lower vacancy rates, allowing them to push rental rates.

“Atlanta’s industrial market had a strong start to the year in 2022, and leasing activity has continued to grow steadily,” said Nick Sands, Westmount’s senior director of industrial acquisitions. “As available spaces become hard to find and rates continue to rise, demand is not slowing down anytime soon. With nine different buildings in a thriving industrial market, the portfolio offers several options for growth in the northeast Atlanta suburbs.”

Built between 1979 and 1987, the portfolio is 91.9% leased to 49 tenants, representing a unique opportunity for flex and industrial assets. The area currently caters to technology, telecom and light manufacturing firms. Westmount plans to make extensive capital upgrades of more than $1 million over the next five years including roof replacements and repairs, corridor upgrades, space conversion as well as HVAC and paving repairs. 

“The Norcross submarket is a value-add investment opportunity perfectly suited for investors looking for prospects in Gwinnett County,” said Cliff Booth, Westmount’s chairman. “With its proximity to metro Atlanta’s core, low vacancy rates, and access to markets throughout the Southeast, this region is a key market for investors.”

The Atlanta Plaza 85 industrial portfolio adds to Westmount’s growing presence in the Atlanta market, marking the firm’s fourth acquisition in a span of three months. Westmount recently acquired Ashwood, a Class A, 160-unit apartment community in Dunwoody, a northern suburb of Atlanta, that will be rebranded as Westmount Ashwood. Westmount acquired another infill industrial portfolio in November 2021, also in the Norcross submarket that is comprised of 12 buildings, spanning 264,029-square-feet.