Westcore, a leading industrial real estate acquisition, development and asset management firm, acquired an 81,475-square-foot, 30-foot clear height industrial warehouse located at 1800 Dobbin Drive in San Jose, California for $20.5 million.
The undisclosed seller will lease back part of the building, which, including one other tenant, is 100% occupied.
“We like the relationship of supply and demand for industrial properties that accommodate mid-sized tenants, particularly for infill locations,” said Peter Mette, managing director with Westcore. “With this acquisition, we were also attracted by the strong economy in San Jose and Silicon Valley and the property’s location proximate to the new Berryessa BART station.”
The Berryessa Transit Center, part of a 10-mile, $2.3-billion extension of the BART lines, opened for rapid bus service in December 2019. BART service is expected to begin later this year.
Westcore was unrepresented in the transaction while the Seller was represented by Jeff Ida, First Vice President of Marcus and Millichap.
Westcore is a fully integrated commercial real estate investment company with institutional scale and capabilities that operates with speed, agility and adaptability. Since its founding in 2000, Westcore and its affiliates have acquired and managed more than $6 billion in industrial and office assets, comprised of more than 1200 buildings and totaling over 50 million square feet. In addition to its U.S. headquarters in San Diego, Westcore has regional offices in Los Angeles and Oakland, as well as satellite offices in London, England; Berlin, Germany; and Vienna, Austria.