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

TRD LOS ANGELES /
Jun.June 05, 2019 02:00 PM
Marc Brutten, founder of Westcore and the redevelopment site (Credit: Google Maps)
Marc Brutten, founder of Westcore and the redevelopment site (Credit: Google Maps)

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.


Related Articles

arrow_forward_ios
6277 E. Slauson Avenue, and from left: Prologis CEO Hamid Moghadam and Rexford Industrial co-CEOs Howard Schwimmer and Michael Frankel (Credit: Google Maps)

Rexford buys industrial property from Prologis for $41M

NAI Capital Vice President of Research, Marketing, and Communications J.C. Casillas and the Port of Los Angeles (Credit: iStock)

LA’s industrial market may be at max capacity

Transwestern CEO Carleton Riser and the Inland Empire property

Inland Empire’s industrial reign continues as Transwestern buys massive Eastvale warehouse site

Terreno Realty Chairman & CEO W. Blake Baird

Terreno Realty makes another industrial play in LA

From left: Prologis CEO Hamid Moghadam, and Randall L. Stephenson, chairman and CEO of AT&T Inc, with the site

Industrial powerhouse Prologis picks up 11-acre property in Commerce

ASB CEO Robert Bellinger and Columbia Business Park

This industrial deal was one of the biggest acquisitions ever in Inland Empire

CIO Matt Evans, COO Alan Kraft and Todd Platt, CEO of Hillwood with Dedeaux Sycamore Canyon Distribution Park

Dedeaux Properties buys 1M sf industrial portfolio in Inland Empire

Lonzo Ball and the warehouse (Credit: Getty Images)

This just-traded LA Laker just sold his South LA warehouse

arrow_forward_ios