Westcore Properties Acquires 366,700-SF Vacant Industrial Building in Moreno Valley
Gated, LEED-certified property suited for one to two tenants
San Bernardino, CA (August 28, 2017) –Westcore Properties has acquired a 366,700-square foot, recently-constructed industrial building, located at 22705 Newhope St. in Moreno Valley, California, for $30.71 million.
Westcore purchased the property from The J.W. Mitchell Co., based in Aliso Viejo, California, in an off-market transaction. Cosmetic improvements are scheduled to start immediately.
Developed in 2015, the property is ideally suited for a single tenant but is easily divisible into two suites, ranging in size from approximately 140,000 to 200,000 square feet. The building features 32-foot minimum clear height, 48 dock-high doors, ESFR sprinklers, three percent vented skylights, 3,000 amps of available power and 2,000-square-feet of existing office. The all-concrete site includes 52 trailer parking spaces, a 180-foot secured truck court, perimeter fencing and a secure, gated entry.
Car charging stations, roof-mounted solar panels and drought-tolerant landscaping helped qualify the building for a LEED rating.
“Similar to San Bernardino, where we recently acquired another vacant industrial property, Moreno Valley has a very tight industrial market, rising land prices and upward pressure on rents,” said Hack Adams, senior vice president of acquisitions at Westcore Properties. “When CBRE’s industrial team approached us about acquiring this property, we knew it would be aligned well with our goal to build a cohesive West Coast industrial portfolio.”
Michael Kendall and Gerry Harvey at CBRE and David Burback at Kidder Matthews represented Westcore Properties in the transaction. Bob Woods of Voit Real Estate Services represented the seller.
“With a low vacancy rate of 3.3 percent and year-to-date absorption of over eight million square feet, the Inland Empire is continuing to show some of the strongest real estate fundamentals in the nation,” said Kendall. “This should bode very well for Westcore’s investment as they capitalize on this market momentum.”
Harvey of CBRE and Burback of Kidder Matthews will manage leasing and marketing for 22705 Newhope St.
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.