Westcore Properties Acquires Antioch Distribution Center
Company’s Northern California industrial portfolio increases with 665,775-square-foot purchase
Antioch, CA (September 11, 2017) –Westcore Properties has acquired the 665,775-square-foot, two-building Antioch Distribution Center, located at 2200 to 2300 and 2110 Wilbur Street in Antioch, California, for $32.4 million.
Westcore purchased the manufacturing/distribution project from the Covington Group, based in Dallas, Texas. Covington Group was represented by Steve Hermann, Scott Bertrand and Brooks Pedder of Cushman & Wakefield in the transaction. The buyer represented itself.
“We were attracted to the investment’s basis at $49 per square foot and the solid cashflow yield based upon substantially below-market rents,” said Peter Mette, director of acquisitions at Westcore Properties.
By acquiring Antioch Distribution Center, Westcore expands its industrial property holdings in one of its core areas of focus: Northern California’s East Bay and Central Valley. Over the last year, Westcore also acquired three industrial properties in Stockton and one in Tracy.
“The project seems a natural addition to Westcore’s portfolio, and they stand to benefit from the continued health of the East Bay industrial market and the quality rent roll of the project,” said Hermann.
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.