Westcore Acquires 3.5MSF California Industrial Portfolio

SAN DIEGO, CA / ACCESSWIRE / August 28, 2023 / Westcore, a leading industrial real estate acquisition, development and asset management firm, acquired the 3.5 million-square-foot Odyssey Portfolio, comprised of industrial properties in Livermore, Valencia and Chino, California, for an undisclosed sum.

The portfolio includes assets in some of the strongest markets in California:

• Chino: nine buildings | 1,466,728 square feet | nine tenants
• Valencia: four buildings | 742,558 square feet | five tenants
• Livermore: three buildings | 1,296,908 square feet | two tenants

"Westcore is bullish about the fundamentals for industrial real estate, and we are thrilled to acquire 3.5 million square feet of infill California properties in a single transaction," said Westcore President and CEO Don Ankeny. "This strategic investment underscores our commitment to expanding our footprint in growth markets across the United States."

The Class A, A- and B+ industrial buildings are 100% occupied. Staggered lease expirations will allow Westcore to drive value and make capital improvements.

"This rare opportunity provides us a critical mass of functional and sought after Inland Empire and Los Angeles industrial real estate," said Managing Director Hack Adams, who oversees Southern California acquisitions for Westcore.

All nine Chino properties are irreplaceable due to their infill locations and offer coveted proximity to population density in Los Angeles, Orange County and Inland Empire. The Valencia buildings have long tenancy histories, which include Pharmavite, a company that has occupied buildings in Valencia since they were constructed in 2000.

The new Class A industrial buildings that make up the Livermore portion of the portfolio have attracted strong investor attention since they were constructed in 2016.

"We are very excited to acquire such excellent quality product in a great infill market such as Livermore," said Managing Director Peter Mette, who oversees acquisitions in Northern California for Westcore. "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."

The Odyssey Portfolio's tenant roster includes additional blue-chip companies Coca Cola and Schlage, with the balance comprised of national, regional and local distribution, warehousing and light manufacturing tenants.

The purchase increases Westcore's assets under management to over $4 billion across 25 million square feet throughout the United States.

Eastdil Secured brokers Steve Silk, Jay Borzi, Adam Pastor and Christina Buhl represented the undisclosed seller, while Westcore represented itself in the transaction.

About Westcore

Founded in 2000, Westcore is a fully integrated industrial real estate investment company with institutional scale and capabilities that operates with speed, agility and adaptability. Since its founding, Westcore has acquired, managed and sold more than $14 billion in assets, comprised of more than 1,750 buildings and totaling over 150 million square feet. In addition to its U.S. headquarters in San Diego, Westcore has regional offices in Oakland and Dallas.

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Media Contact:
Jennifer Whitelaw
TW2 Marketing
jwhitelaw@tw2marketing.com
619-733-5944

SOURCE: Westcore

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