Westmount JV sells 1.2msf Atlanta business park

The joint venture of affiliates of Westmount Realty Capital and Quilvest Capital Partners has sold Gwinnett Commons, a 1.2-million-square-foot master-planned business park in the Atlanta area spanning 115 acres with 17 class A buildings as well as an additional 6-acre, pad-ready site for future development. The financial terms and the new owner were not disclosed.

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, Ga. 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 to 2000 with a mix of light industrial, rear-load and multitenant buildings. The Shackleford Road properties consist of four office buildings built between 2000 and 2002.

“We acquired an underperforming portfolio that was 71 percent occupied and were able to actively manage the asset, growing occup