SAN DIEGO – Sept. 28, 2015 – Increasing its already strong presence throughout California’s well-established industrial markets, Westcore Properties is purchasing an infill industrial portfolio from MetLife for $69.4 million.
The core-plus acquisition includes eight buildings in four projects consisting of 634,289 square feet of well-located, highly functional properties in the robust industrial markets of Orange County and Inland Empire. Properties included in this four-city portfolio consist of:
Buena Park (7100, 7050, 7051, 7101 and 7150 Village Drive)
• A 300,896-square-foot business park consisting of four multi-tenant/single-tenant light industrial buildings and one single-tenant data center building constructed in 1980 and 1981, respectively. The property is 99 percent leased to 15 tenants including Isuzu Motors and Hochiki America Corp.
San Dimas (300 East Arrow Highway)
• A 165,070-square-foot single tenant warehouse/distribution building originally constructed in 1972 and expanded in 1989. The property is 100 percent leased to Western Pacific Storage.
Ontario (4422 Airport Drive)
• A 88,323-square-foot multi-tenant industrial building constructed in 1978. The property is 100 percent leased to two tenants: NGOC Hoang Gia LLC and Kelleher Corporation.
La Mirada (14301 Gannet St.)
• A 80,000-square-foot, single-tenant industrial building constructed in 1968. The property is 100 percent leased to Spartech Polycom.
With this acquisition, San Diego-based Westcore Properties currently owns more than 2.5 million square feet of commercial space throughout Southern California.
“Westcore sees this new acquisition as a great addition to our growing California industrial portfolio, taking advantage of the continued strength in the Class B industrial markets of the Inland Empire and Orange County,” said Hack Adams, Westcore Properties senior vice president of acquisitions and leasing. “We are bullish on these submarkets and look forward to implementing our value add initiatives for each property.”
In this transaction, MetLife was represented by Darla Longo and Barbara Emmons with CBRE.