WESTCORE PROPERTIES PURCHASES FACILITY ON MARCH AIR RESERVE BASE IN RIVERSIDE COUNTY FOR $17 MILLION
Unique Opportunity for Westcore Properties to Purchase its First Airside Property
MARCH AIR RESERVE BASE, California – Jan. 21, 2015 – It is not often a large-scale warehouse and distribution building with a truck terminal and direct runway access becomes available, so when such a property quietly hit the market on the March Air Reserve Base in Riverside County, Westcore Properties jumped at the chance to purchase the facility.
Located at 17101 Heacock Street the 260,000-square-foot ground and air industrial facility features direct access to the 13,000-foot March Air Runway for loading and unloading planes, an 11-ramp aircraft parking space, and a state-of-the-art truck terminal. The property is currently occupied by AMRO Fabricating Corporation and Ross Dress for Less. AMRO Fabricating occupies 100,000-square-feet of the property that connects to the runway, while Ross Dress for Less occupies the 160,000-square-foot truck terminal portion.
“This is a unique property for us to own and marks the first on-tarmac property we’ve purchased in the U.S.,” said Don Ankeny, president and CEO of Westcore Properties. “We were drawn to this property because of the direct ties it has with the March Air Reserve Base and the growing industrial market in the immediate area. Throughout the west coast, truck terminal properties with direct access to an airfield are virtually nonexistent. This gives us great potential for future tenants, and we plan to target aerospace, cargo, freight forwarders and defense contractors.”
Westcore Properties will be exploring renovations and other upgrades to the property in 2015.
HFF represented the seller, a joint venture between Marhub, LLC and Global Port Ramp Services, and the buyer, Westcore Properties. The HFF investment sales team was led by Senior Managing Director Anthony Brent and Managing Director Ryan Martin. Director Jeremy Womack also assisted in the sale.