On June 3rd, Westminster Center was sold for $25.0 million to a Chicago-based real estate investment firm. The investment generated a 22.1% IRR and an Equity Multiple of 3.3 to 1. The property consisted of a 65,707 SF building constructed in 2001 and 53,500 SF expansion building completed in February 2016. Both buildings are 100% leased to Alliance Data Systems (NYSE: ADS). Westminster Center was acquired by Westminster Fund VII LP in July 2007.
About Westminster Capital
Westminster Capital manages real estate investment strategies on behalf of private wealth capital. Private client work includes leadership of closed-end investment fund and separate account portfolios totaling approximately $700 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 with new construction, by 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.