Westcore Properties Enters Salt Lake City Market with 87,122-Square-Foot Industrial Property Acquisition
Salt Lake City, Utah (February 9, 2017) –Westcore Properties, am active investor in industrial and office properties throughout the Western United States, acquired an 87,122-square-foot industrial property in Salt Lake City, Utah from Los Angeles-based BH Properties for approximately $7.15 million. The acquisition marks Westcore’s entry into the Salt Lake City marketplace.
“Salt Lake City continues to become more attractive to tenants driven out of other markets and seeking a business-friendly environment, educated workforce, lower real estate costs and high quality of life,” said Marc Brutten, chairman of Westcore Properties. “We anticipate continued tenant demand for industrial space as businesses that support other companies – especially tech companies – move to and grow in Utah.”
Bryce Blanchard of Newmark Grubb ACRES represented the buyer and seller in this transaction.
“We are excited to help Westcore build a stellar portfolio of strategic assets in Utah,” said Blanchard, executive vice president at New Mark Grubb ACRES. “The Creminelli building represented an excellent industrial opportunity that is literally in the shadow of the Salt Lake Airport with two outstanding tenants that are highly invested in the real estate.”
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 Oakland; Sacramento; and Denver, Colorado, as well as satellite offices in London, England; and Lausanne and Geneva, Switzerland.