Westminster Realty Partners II LP has committed $6.3 million of equity capital to develop two Class A, mid-scale industrial/distribution buildings in joint-venture with Strategic Capital Partners. The portfolio will consist of 328,000 RSF, with quality finishes, 30 foot clear heights, LED high-bay lighting, and ESFR sprinklers. The site is in close proximity to Research Triangle Park in a new industrial park alongside IBM’s and Toshiba’s regional offices. Local industrial/distribution Class A submarket vacancy is below 3.2% and the unemployment rate is 3.8%. Westminster Capital and Strategic Capital Partners will oversee the development process, leasing and marketing efforts, and the sale of the asset. This is the second collaboration between the two firms. Construction financing to be provided by First Tennessee Bank.
About Westminster Capital
Westminster Capital manages real estate investment strategies on behalf of private wealth capital, including sponsorship of closed-end investment funds and separate account portfolios totaling $748 million of investor capital. Westminster Capital makes commercial property investments throughout the United States across Industrial/Distribution, Apartments, Medical Office and Senior Living properties offering Value-Add to Opportunistic risk-reward returns. Such work includes rebuilding income streams of existing properties, or manufacturing them through new construction. Careful investment underwriting and pursuit of well-funded tenants motivated by powerful long-term secular changes in their needs for such properties. Founded in 1988, the firm is headquartered in Lake Forest, Illinois.