Westcore, a leading industrial real estate acquisition, development and asset management firm, acquired a 155,000-square-foot, Class A industrial warehouse located at 8380 Pardee Drive in Oakland, California for $40.5 million.
Constructed in 2012, the fully leased distribution facility features 8,000 square feet of cold storage, 30-foot clear height, ESFR fire suppression and an excellent location adjacent to the Oakland airport.
“In addition to its excellent location, the facility offers tenants all of the features of a modern, Class A building. We are excited to welcome a quality company like Anhesuer Busch to our portfolio,” said Peter Mette, Managing Director at Westcore. “The industrial property market remains strong, and we are bullish on the long-term fundamentals of the Oakland market and the investment in 8380 Pardee Drive.”
Westcore was represented in the transaction by Tom Damaschino of Cushman & Wakefield, while the undisclosed seller was represented by Richard Sutherland of The Sutherland Company.
Westcore’s last investment in the Oakland area occurred two years ago with the purchase of an 87,870-square-foot, multi-tenant industrial property less than 10 miles from the Pardee Drive property.
Westcore has long-term confidence in the continued demand for industrial real estate. Though patient and discerning when considering deals, Westcore continues to deploy capital and can be creative in deal structuring. Westcore has closed five acquisitions in 2020, representing $95 million. Westcore is actively buying and has five additional acquisitions recently under contract, representing over $100 million.
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.