In December 2017, this property housing Williams-Sonoma’s principal furniture assembly and distribution in the Southeast U.S. was sold for $22.4 million, generating a 20.3% IRR and an Equity Multiple of 2.4 to 1 over the six year hold. Upon acquisition August 2011, on favorable terms during the economic recession, the 411,714 SF “Big-box” distribution and light manufacturing building was 100% leased to Williams-Sonoma. A lease extension to October 2025 was executed in 2017 by this high-credit quality tenant. The property was owned 100% by Westminster Fund VIII LP.
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 risk management seeks 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.