Westmount Realty Capital and Stockbridge form JV to acquire industrial portfolio in Chicagoland

Westmount Realty Capital and Stockbridge have partnered to acquire a 1.7 million-square-foot light industrial portfolio, consisting of four industrial parks in the Chicago region. A sales price was not disclosed.

“Westmount has remained bullish on the Chicago industrial market, and we are actively looking for off-market industrial deals in key submarkets in the region,” said Clifford Booth, CEO of Westmount. “With this acquisition, we are also looking to expand our Chicago regional office with the addition of nearly a dozen new positions.”

Stockbridge acquired the portfolio on behalf of the firm’s Value Fund III, a closed-end value-add vehicle. The portfolio includes 38 buildings in some of Chicago’s most sought after submarkets, including O’Hare, Lake County and Elgin. With this acquisition, Westmount now has more than 6.3 million square feet of industrial space in Chicagoland.

“The portfolio is an ideal strategic fit for our value-add fund ser