From the Wires
Westcore Properties Caps Record $1 Billion Year With State's Largest Real Estate Transaction
By: PR Newswire
Jan. 7, 2013 06:22 PM
SAN DIEGO, Jan. 7, 2013 /PRNewswire/ -- Westcore Properties reports that with the closing of California's largest real estate transaction in 2012, the company has capped a record $1 billion year in transaction volume and more than doubled the size of its office and industrial portfolio to 24 million square feet.
"We sold $246 million of property both locally and abroad," said Marc Brutten, Westcore Properties' chairman and founder. "2012 was our biggest year ever as we continued our strategy of acquiring quality assets in core California markets, particularly in the Bay Area and the Central Valley. Properties that were not strategic and part of our long-term operating plan have been systematically sold off."
Westcore Properties made headlines recently with its recent $700 million purchase of the 12-million-square-foot John Benvenuti industrial portfolio. The transaction was the not only the largest in the state in 2012, but was the second largest in the U.S., according to Jones Lang LaSalle. It also was the largest acquisition in Sacramento history with most of the 110 buildings involved located in and around the greater Sacramento area.
The Sacramento portfolio purchase occurred immediately on the heels of Westcore's $110 million acquisition of the 1221 Broadway Class A high-rise in downtown Oakland's City Center that has been the Clorox Company's headquarters since 1988.
According to Don Ankeny, president and CEO of Westcore Properties, "The size and scale of these institutional-grade acquisitions underscores our commitment to become a regional powerhouse known for producing solid returns to our investors.
"We manage our properties to provide aesthetically desirable and productive work places that attract quality tenants. Our established presence in the Bay Area and Sacramento will allow us to implement strong hands-on leasing and management strategies to ensure these assets achieve their full potential. This potential ultimately is reflected in the value we deliver to our investors," Ankeny said.
Other Westcore acquisition highlights in 2012 include the company's $45.6 million purchase of Kato Industrial Park in Fremont, Calif., a 605,000-square-foot industrial park set on 42 acres with room to expand. Westcore is already under way on a number of capital improvements at the project, which is positioned for significant upside as full occupancy is achieved.
The company's acquisition spree also included Central Plaza in Union City, a 170,000-square-foot mixed-use project acquired for $13 million, and the $6.8 million purchase of Westlake, a 37,000-square-foot office building in the Encinitas area of San Diego.
Domestic properties sold by Westcore this year include a commercial building in Coronado for $3.8 million; two industrial buildings in Commerce/Buena Park for $80 million; an industrial park in San Diego for $18 million; and an R&D park in Fremont for $46 million. In London, Westcore Properties also sold an office building for $98 million.
The success of Westcore's repositioning strategies is reflected by new and renewing leases totaling 1.74 million square feet and $52.5 million in total consideration.
About Westcore Properties
Westcore Properties (www.westcore.net) is a private, entrepreneurial commercial real estate investment firm with a specialized focus in the western United States and key European markets. Since its founding in 2000, Westcore Properties and its affiliates have acquired and managed more than $3.9 billion in industrial and office assets comprised of 550 buildings totaling over 25 million square feet. In addition to its U.S. headquarters in San Diego, Westcore Properties has regional offices in San Francisco and Denver. The firm's European offices are located in London, England and Geneva, Switzerland.
SOURCE Westcore Properties
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