With the purchase of an 11.1-million-square-foot industrial portfolio in California and the Midwest from the Joe Benvenuti Co., San Diego's Westcore Properties has increased its U.S. commercial real estate holdings to more than 24 million square feet.
The $600 million transaction is the largest industrial real estate acquisition in California in 2012 and the second largest industrial acquisition in the United States over the same period, according to Jones Lang LaSalle.
Westcore acquired the properties in a joint venture with a fund managed by DRA Advisors LLC, a New York-based investment adviser.
Benvenuti passed away in May.
"We have been long-term believers in industrial markets supported by ports and agribusiness, which has led us to invest heavily in greater San Francisco as well as the San Joaquin and Central Valley areas of Northern California," said Marc Brutten, chairman and founder of Westcore Properties.
The 110 buildings acquired by Westcore and DRA in the transaction include 8 million square feet in Sacramento, as well as 1.9 million square feet in St. Louis and 1.0 million square feet in Indianapolis.
With the acquisition, Westcore gains a foothold in the Sacramento area, a stabilizing market that has an outstanding distribution and transportation network, Brutten added.
In the transaction, Westcore Properties, DRA and the seller, JB Properties, were represented by Mark Demetre, Bill Niethammer, Matt Lofrano and Mike Zimmerman of Jones Lang LaSalle's Sacramento office.