Westcore Acquires 65,625-SF Warehouse on 10.64 Acres in Temecula
Vacant property offers expansive yard space or room for additional development
Temecula, CA (April 27, 2020) – Westcore, a leading industrial real estate acquisition, development and asset management firm, made its first purchase in the Temecula, California submarket, acquiring a 65,625-square-foot industrial warehouse on 10.64 acres for $10.8 million.
Currently vacant, the warehouse property, located at 27731 Diaz Road, offers several in-demand features, including 14 dock-high doors, 30-foot clear height, cross-dock configuration and a large decomposed granite secured yard.
“We plan to refresh the warehouse’s existing office space, repaint inside and out and pave the unimproved dirt that fronts Diaz Road,” said Hack Adams, managing director with Westcore. “Our future tenant or tenants will have occupancy flexibility, which helps us appeal to a wide range of users.”
Westcore was represented in the transaction by Brad Yates and Sefan Pastor of Colliers International, while the seller, an individual, was represented by Barret Woods of Lee & Associates.
Temecula’s industrial real estate vacancy rate is under two percent. According to Colliers, its industrial base sits at 11,344,000 square feet with an average lease rate of $0.80 per square foot net.
“We anticipate strong interest from the tenant market for this property because of Temecula’s growing residential population, its extremely low industrial vacancy rate and its proximity to the massive population bases of Inland Empire and San Diego,” added Adams. “With so much extra land, this is a unique industrial property well suited for a tenant who wants expansive yard space, trailer parking or even additional square footage.”
Westcore is a fully integrated commercial real estate investment company with institutional scale and capabilities that operates with speed, agility and adaptability. Since its founding in 2000, Westcore and its affiliates have acquired and managed more than $6 billion in industrial and office assets, comprised of more than 1200 buildings and totaling over 50 million square feet. In addition to its U.S. headquarters in San Diego, Westcore has regional offices in Los Angeles and Oakland, as well as satellite offices in London, England; Berlin, Germany; and Vienna, Austria.
Contact: Jennifer Whitelaw
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