Westcore Properties Grows Northern California Industrial Portfolio with Stockton Buy
Stockton, Calif. (May 24, 2017) –Westcore Properties, an active investor in industrial and office properties throughout the Western United States, acquired a 277,500-square-foot industrial property in Stockton CA for approximately $14.43 million in an off-market transaction.
Located approximately 1 mile west of I-5, the multi-tenant industrial building is well situated to accommodate a wide range of mid-sized users seeking 25,000 to 75,000 square feet of space and great access to the region.
“With close ties to the California Bay Area market, Stockton’s industrial market has continued to strengthen as companies look east to find suitable space,” said Peter Mette, director of acquisitions at Westcore Properties. “The suite sizes of this property are well aligned with tenant demand in the market, and the absence of new supply accommodating the small to mid-sized user should sustain rental growth.”
Mike Goldstein, SIOR and Wes Widmer of Colliers International’s Central Valley Team represented both parties in this transaction.
“The vacancy rate in San Joaquin County is at an all-time low. Companies relocating from the Bay Area combined with local and regional expansions have absorbed most of the available space,” said Goldstein.
“We are experiencing strong demand with new requirements weekly that are having a difficult time identifying a building to lease,” said Widmer.
Late last year, Westcore Properties also acquired the 172,500-square-foot industrial property located at 4545 Qantas Lane in Stockton.
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, Colorado, as well as satellite offices in London, England; and Lausanne and Geneva, Switzerland.