Westcore has paid $1 billion for 16 industrial buildings in California, including the Inland Empire and in Santa Clarita.
The San Diego-based investor bought an industrial package known as the Odyssey portfolio, which included nine properties in Chino, three in Livermore and up to seven in Santa Clarita, the Commercial Observer reported.
The sellers were Toronto- and New York-based BentallGreenOak and Maryland-based NewTower Trust. The addresses of the Southern California properties, which cost at least $673 million, were not disclosed.
Westcore acquired nine industrial properties in the city of Chino in the Inland Empire for $462 million, or $315 per square foot.
The Odyssey purchase includes 742,600 square feet in Santa Clarita’s Valencia, including space leased to dietary supplement maker Pharmavite, which leases a building at 28310 Livingston Avenue. The number of buildings there was not disclosed.
The firm bought the Pharmavite sites for a combined $211.3 million, according to Los Angeles County records cited by the Observer. The deal closed the same day the Chino buildings closed.
Westcore also bought three industrial buildings containing nearly 1.3 million square feet in Livermore, east of San Francisco, for $326.8 million, or $252 per square foot. Two of the buildings are leased to Austin-based Tesla. A third is leased to Draexlmaier Automotive of America, based in South Carolina.
The purchase increases Westcore’s assets under management to more than $4 billion across 25 million square feet throughout the U.S.
The firm, founded by Marc Brutten in 2000, has spent more than $10 billion to buy more than 1,000 commercial buildings across the U.S., containing more than 100 million square feet, according to its website.
Brokers Steve Silk, Jay Borzi, Adam Pastor and Christina Buhl of Eastdil Secured represented BentallGreenOak and NewTower Trust, while Westcore represented itself.
— Dana Bartholomew
Read more
Commercial
San Francisco
Westcore grabs trio of industrial properties in Livermore for $327M
Commercial
Dallas
Industrial condos for gearheads in Carrollton
Commercial
Los Angeles
Rexford Industrial snags two warehouses in Santa Clarita for $38M