Westcore Properties Acquires 219,500-SF Industrial Property in Tracy
Third Central Valley industrial acquisition for Westcore in past year
Tracy, CA (July 5, 2017) –Westcore Properties, an active investor in industrial and office properties throughout the Western United States, acquired a 219,500-square-foot industrial property in Tracy, California for approximately $12.6 million.
The multi-tenant property, located at 1050 Grantline Road, has excellent access to I-205 via MacArthur Blvd and accommodates small- to mid-sized users. This marks the third Central Valley industrial acquisition for Westcore over the past year.
“This property is an excellent fit for our business plan of acquiring assets that accommodate the small- to mid-sized user,” said Peter Mette, director of acquisitions at Westcore Properties. “This segment of the market has been largely ignored by the development community, and the absence of new supply is fueling substantial rent growth and thus asset appreciation.”
Robert Taylor of CBRE and Rob Cole of JLL represented the undisclosed seller in this transaction.
“Industrial is the darling of the Central Valley market due to its infrastructure connectivity, including truck, rail, air and sea transportation methods,” said Taylor. “This property is a good addition to Westcore’s growing Central Valley portfolio.”
Westcore Properties also acquired a 172,500-square-foot industrial property located at 4545 Qantas Lane in late 2016 and a 277,500-square-foot industrial property located at 1627 Army Court in May 2017, both in Stockton, California.
About Westcore Properties
Westcore Properties is a global, entrepreneurial commercial real estate investment firm with a specialized focus in Western United States commercial and industrial properties. Since its founding in 2000, Westcore Properties and its affiliates have acquired and managed more than $4 billion in industrial and office assets, comprised of more than 750 buildings and totaling over 45 million square feet. In addition to its U.S. headquarters in San Diego, Westcore Properties has regional offices in Los Angeles; Oakland; Sacramento; and Denver, as well as satellite offices in London, England; and Lausanne and Geneva, Switzerland.