Westcore Pays Over $1B for 16 Industrial Sites in California
Developments are fully leased to tenants including Tesla and Coca-Cola
By Greg Cornfield September 13, 2023 3:25 pm
reprints
Commercial real estate investment firm Westcore is paying more than $1 billion for a 3.5 million-square-foot portfolio of fully leased industrial sites in California, Commercial Observer has learned.
Westcore announced that it acquired 16 Class A, A- and B+ industrial buildings named the Odyssey Portfolio in late August, but did not disclose the value of the deal, the names of the sellers or the specific address, and representatives declined to provide more details.
According to data provided this week by Vizzda, Westcore acquired nine industrial properties in the city of Chino — in Southern California’s Inland Empire — for $462 million, or about $315 per square foot. The assemblage was owned by BGO, formerly BentallGreenOak, and NewTower Trust Company. Representatives for the sellers did not return requests for comment.
The Odyssey Portfolio also includes 742,558 square feet in Valencia in Los Angeles County, including space leased to dietary supplement maker Pharmavite, according to Westcore’s announcement. L.A. County property records show Pharmavite’s sites in Valencia sold to Westcore for a combined $211.3 million, and closed the same day the Chino buildings closed.
As part of the deal, Westcore also bought three buildings totaling almost 1.3 million square feet in Livermore, Calif. — about 35 miles east of San Francisco — for $326.8 million, according to the San Jose Mercury News. Two of the properties are leased to Tesla.
“We are equally excited to welcome both Tesla and Draxlmaier Automotive to our growing portfolio and look forward to an enduring relationship with both tenants,” said Westcore’s Peter Mette, who oversees acquisitions in Northern California.
The purchase increases Westcore’s assets under management to more than $4 billion across 25 million square feet throughout the United States. Eastdil Secured brokers Steve Silk, Jay Borzi, Adam Pastor and Christina Buhl represented BG and NewTower Trust, while San Diego-based Westcore represented itself in the transaction.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
