Westcore Properties Acquires 514,169-Square-Foot San Diego Industrial Portfolio
Acquisition includes four properties, 22 buildings
SAN DIEGO (October 3, 2016) – Westcore Properties, an active investor in industrial and office properties throughout the Western United States, acquired a 514,169-square-foot industrial property portfolio in San Diego’s North County from Boston-based TA Realty for approximately $75 million.
“Development of incubator multi-tenant and multi-tenant industrial properties has been almost non-existent in San Diego over the past decade, increasing demand for these buildings,” said Hack Adams, senior vice president at Westcore Properties and its head of acquisitions for the southwest U.S. “Industrial real estate market fundamentals are extremely strong throughout San Diego, and we are bullish on the respective submarkets of Escondido, San Marcos and Rancho Bernardo represented in this portfolio.”
According to Cushman & Wakefield’s San Diego second quarter industrial report, the vacancy rate stands at five percent, the lowest on record.
16990 Goldentop Road, Rancho Bernardo
66,448 square feet
One building, 100 percent leased
500 – 938 South Andreasen Drive, Escondido
252,017 square feet
13 buildings, 98 percent leased
133-155 Mata Way, San Marcos
123,536 square feet
Two buildings, 100 percent leased
540 – 550 Pacific Street, San Marcos
72,168 square feet
Six buildings, 100 percent leased
Westcore will perform cosmetic improvements at each property, to include landscaping and painting, as well as maintenance and upgrades for HVAC systems, asphalt and roofs.
Rick Reeder and Brad Tecca of Cushman & Wakefield were the brokers of record for this transaction.
“This portfolio has been owned and operated for the past decade by one of the most respected institutional real estate investors in the U.S.,” said Tecca. “Due in large part to the quality of construction, location and the overall offering profile, this portfolio attracted numerous bids from well- known institutional investors, and we are very pleased to have had the opportunity to work with Westcore throughout their acquisition process. This acquisition puts Westcore is in a prime position to benefit from rapidly rising rental rates and a lack of new development.”