Westcore Properties Acquires Class A Warehouse in Tight Los Angeles Industrial Market
Mid Cities submarket of Los Angeles has lowest industrial vacancy rate in a county with sparse inventory
Santa Fe Springs, CA (October 23, 2017) –Westcore Properties acquired a Class A, 74,038-square-foot warehouse building, located at 13915 Maryton Avenue in Santa Fe Springs, California, for an undisclosed sum.
Westcore purchased the property, located in the Mid Counties submarket of Los Angeles, from Chicago, Illinois-based Bridge Development. Scott Heaton and Chris Sheehan of Colliers International represented both parties in the transaction.
The purchase marks a return for Westcore to the Los Angeles industrial market after an 18-month hiatus. The firm plans to immediately add approximately 5,000 square feet of speculative office space to the vacant warehouse building, as well as making limited upgrades to the existing structure.
“We are bullish on securing a quality tenant in a timely manner,” says Mike Metzger, director of acquisitions at Westcore Properties.
According to Colliers International’s Los Angeles Basin 2Q17 Industrial Market Report, vacancy in the Mid Counties submarket “has remained below 1% for the last seven quarters.”
“This state-of-the-art facility is a strategic fit in today’s market, as it is the only modern building of its size available along the Santa Ana (5) Freeway corridor spanning from the City of Commerce all the way south to the North Orange County marketplace,” said Heaton.
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.