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Westcore Properties Secured $289 Million In Financing For The Acquisition And Repositioning Of 3.6 Million Square Feet Of Industrial And Office Space

SAN DIEGO, January 19, 2012 – Westcore Properties, a California-based commercial real estate investment firm and one of the most active West Coast real estate investment firms, announces that in 2011 it secured $288,794,213 in financing for the acquisition of 2.4 million square feet of industrial space in California and Hawaii along with the repositioning of a 1.2-million-square-foot Denver office portfolio.

The $136,296,125 in loans for purchase consisted of nine individual loans, all but one of which were located in California.

“We are actively seeking industrial properties on the West Coast with a primary focus on Southern California, particularly Orange County, as well as the Central Valley and Bay area,” said Marc Brutten, Westcore’s chairman. “We are well capitalized and able to act quickly on new opportunities. Westcore has an outstanding track record for identifying properties with growth potential and improving their performance through effective management and leasing strategies that increase cash flow and maximize value for our investors.”

In addition to the loan for the Denver portfolio, Westcore Properties’ 2011 financings were, in descending order, as follows:

-$41,000,000 provided by NordDeutsch Landesbank for the purchase of the 346,747-square-foot Concord Corporate Center in Concord, Calif.;
-$22,896,000 financed by Bank of America for the purchase of Stockton Center Pointe in Stockton, Calif.;
-$19,500,000 provided by Wells Fargo for the acquisition of the 256,669-square-foot Napa Airport Centre in Napa, Calif.;
-$15,965,625 provided by Wells Fargo Bank for the acquisition of the 475,000-square-foot Greenville Business Center in Livermore, Calif;
-$12,200,000 financed by Wells Fargo Bank for the purchase of Waipio Business Center in Waipahu, Hawaii;
-$8,670,000 financed by Bank of America for the purchase of the 206,451-square-foot multi-tenant warehouse distribution facility at 1380 North MacArthur Dr., located in Tracy, Calif.;
-$6,064,500 provided by Bank of America for the acquisition of a two-building, 280,290-square-foot industrial property at 9810 and 9860 West Ferguson Ave., in Visalia, Calif.;
-Two $5,000,000 loans provided by Wells Fargo Bank for the purchase of a 60,819-square-foot industrial building in San Diego, and a 102,500-square-foot industrial building on Industry Street in Garden Grove, Calif.