Patriot Park Phase I industrial buildings were sold September 16th to Blackstone’s Link Industrial Properties for $31.2 million, generating a 38.6% IRR and an Equity Multiple of 1.8 gross to Westminster Realty Partners II LP. These state-of-the-art industrial buildings complement other portfolio industrial buildings owned by Link in the Raleigh-Durham market. Built in joint venture with Strategic Capital Partners, the certificates of occupancy were received in January 2019 and became 82% leased by two tenants: 103,000 SF to National Tire Wholesale (Carroll Tire) and 160,000 SF to PBM Graphics (RR Donnelly).
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 $860 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. The firm employs careful investment underwriting and pursues well-funded tenants motivated by powerful, long-term secular trends in their needs for such properties. Founded in 1988, the firm is headquartered in Lake Forest, Illinois.