Commercial real estate investment firm Westcore is paying more than $1 billion for a 3.5 million-square-foot portfolio of fully leased industrial sites in California, Commercial Observer has learned.
Westcore announced that it acquired the portfolio of 16 Class A, A- and B+ industrial buildings named the Odyssey Portfolio in late August, but did not disclose the value of the deal, the names of the sellers or the specific locations, and representatives declined to provide more details.
According to data provided this week by Vizzda, Westcore acquired nine industrial properties in Chino, Calif. — in Southern California’s Inland Empire — for $462 million, or about $315 per square foot. The assemblage was owned by BGO, formerly BentallGreenOak, and NewTower Trust Company. Representatives for the sellers did not return requests for comment.
The Odyssey Portfolio also includes 742,558 square feet in Valencia in Los Angeles County, including space leased to dietary supplement maker Pharmavite, according to Westcore’s announcement. L.A. County property records show Pharmavite’s sites in Valencia sold to Westcore for a combined $211.3 million, and closed the same day the Chino buildings closed.
As part of the deal, Westcore also bought three buildings totaling 1,296,908 square feet in Livermore, Calif. — about 35 miles east of San Francisco — for $326.8 million, according to the San Jose Mercury News. Two of the properties are leased to Tesla.
“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,” said Westcore’s Peter Mette, who oversees acquisitions in Northern California.
The purchase increases Westcore’s assets under management to more than $4 billion across 25 million square feet throughout the United States. Eastdil Secured brokers Steve Silk, Jay Borzi, Adam Pastor and Christina Buhl represented BG and NewTower Trust, while San Diego-based Westcore represented itself in the transaction.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
Commercial Observer Channel, Industrial, Sales, Industrial real estate, Odyssey Portfolio, Peter Mette, sales, California, Southern California, Inland Empire, Los Angeles, BGO, NewTower Trust Company, Pharmavite, Tesla, Vizzda Commercial real estate investment firm Westcore is paying more than $1 billion for a 3.5 million-square-foot portfolio of fully leased industrial sites in California, Commercial Observer has learned. Westcore announced that it acquired the portfolio of 16 Class A, A- and B+ industrial buildings named the Odyssey Portfolio in late August, but did not disclose
Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.
Manhattan, Commercial real estate, Sales, Property value, Investment, Property management, Real estate brokers, Tenant leasing, Rent roll, Building inspections, Due diligence, Zoning regulations, Title searches, Environmental assessments, Building codes, Market analysis, Property tax, Financing, Property appraisal, Lease negotiations, Landlord representation, Tenant representation, Net operating income, Cap rate, Cash flow, Commercial mortgage-backed securities, Appraisal value, Property redevelopment, Site selection, Leasehold improvements, Commercial property management, Lease agreements, Commercial property inspections, Tax incentives, Historic tax credits, Energy efficiency, Building amenities, Commercial property marketing, Lease renewals, Tenant retention, Property insurance, Escrow services, Closing costs, Commercial property auctions, Opportunity zones, Real estate investment trusts (REITs), Property ownership structure, Building maintenance, Real estate market trends, Property listing services, Site plans, Common area maintenance fees, Asset management, Exit strategies, Lease options, Property surveys, Site feasibility studies, Economic incentives, Equity financing, Debt financing, Property tax assessments, Building permits, Commercial property development, Subleasing, Short-term rentals, Lease buyouts, Tenant improvements, Lease assignments, Commercial tenant screening, Tenant credit analysis.