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Westcore Properties snags $100M loan for massive Azusa redevelopment project
Westcore's plan for a car dealership and rental facility come amid the industrial market's continued strong performance
Investment firm Westcore Properties has landed a $100-million loan to build a massive car dealership and rental facility at a large industrial property it purchased in Azusa in February.
Bank of America provided the financing.
Westcore wants to build the dealership and rental facility with 188,950 square feet. The site at 555 Danlee Street now includes seven buildings, with 47,000 total square feet of space over 4.4 acres of land. The San Diego-based firm intends to keep the existing structures, though it also applied for a minor use permit.
The company paid $8.8 million for the property, records show. The seller was Heppner Hardwoods Inc., which had used the site for 35 years.
Westcore Properties did not return requests for additional details on the redevelopment plan. The firm was founded in 2000 by Marc Brutten, and now manages more than 20 million square feet of commercial real estate around the country, according to its website.
The overall industrial market in the San Gabriel Valley has been thriving. Earlier this year, Proficiency Capital sold the shovel-ready Canyon City Business Center development in Azusa for $47 million. The project calls for 462,500 total square feet.
Lagunitas Brewing Company is also building a 342,600 square-foot industrial site in Azusa, and last year Rexford purchased a 65,000-square-foot warehouse for $12 million about four miles south.