San Diego-based Westcore Properties reports that with California’s largest real estate transaction in 2012, the company capped a record $1 billion year in transaction volume.
Westcore also more than doubled the size of its office and industrial portfolio to 24 million square feet last year.
“We sold $246 million of property both locally and abroad,” said Marc Brutten, Westcore Properties’ chairman and founder in a statement. “2012 was our biggest year ever as we continued our strategy of acquiring quality assets in core California markets, particularly in the Bay Area and the Central Valley. Properties that were not strategic and part of our long-term operating plan have been systematically sold off.”
Westcore Properties made headlines late last year with its $700 million purchase of the 12-million-square-foot John Benvenuti industrial portfolio. The transaction was not only the largest in the state in 2012, but was the second largest in the U.S., according to Jones Lang LaSalle (NYSE: JLL). It was also billed as the largest acquisition in Sacramento history with most of the 110 buildings located in and around the greater Sacramento area.
The Sacramento portfolio purchase occurred on the heels of Westcore’s $110 million acquisition of the 1221 Broadway Class A high-rise in downtown Oakland’s city center that has been the Clorox Co.’s headquarters since 1988.
“The size and scale of these institutional-grade acquisitions underscores our commitment to become a regional powerhouse known for producing solid returns to our investors,” added Don Ankeny, Westcore Properties president and CEO.
“Our established presence in the Bay Area and Sacramento will allow us to implement strong hands-on leasing and management strategies to ensure these assets achieve their full potential.”
Other Westcore acquisition highlights in 2012 include the company’s $45.6 million purchase of Kato Industrial Park in Fremont, Calif., a 605,000-square-foot industrial park set on 42 acres with room to expand. Westcore is already under way on a number of capital improvements at the project.
The company’s acquisition spree also included Central Plaza in Union City, a 170,000-square-foot mixed-use project acquired for $13 million, and closer to home, the $6.8 million purchase of Westlake, a 37,000-square-foot office building in Encinitas.
Domestic properties sold by Westcore this year include a commercial building in Coronado for $3.8 million; two industrial buildings in Commerce/Buena Park for $80 million; an industrial park in San Diego for $18 million; and an R&D park in Fremont for $46 million. In London, Westcore Properties also sold an office building for $98 million.
In addition Westcore signed new and renewed leases totaling 1.74 million square feet and $52.5 million in total consideration in 2012.
Westcore Properties is a private, entrepreneurial commercial real estate investment firm with a specialized focus in the western United States and key European markets. Since its founding in 2000, Westcore and its affiliates have acquired and managed more than $3.9 billion in industrial and office assets comprised of 550 buildings totaling more than 25 million square feet.
In addition to its U.S. headquarters in San Diego, Westcore Properties has regional offices in San Francisco and Denver. The firm’s European offices are located in London, England and Geneva, Switzerland.