Westcore, a leading industrial real estate acquisition, development and asset management firm, acquired a 40,000-square-foot industrial warehouse located at 660 North King Road in San Jose, California, for $9.2 million. The property is located adjacent to a similar 87,000-square-foot industrial warehouse Westcore acquired earlier this year at 1800 Dobbin Drive.
The King Road warehouse is located on a corner lot and offers 29-foot clear height and a secured yard. Westcore will renovate the property to include a new roof, seismic retrofitting, parking lot repairs, office reconfiguration and upgrades.
“In the short-term, an investment in 660 North King is attractive because it is in keeping with one of our investment strategies of acquiring functional facilities in infill markets with dense populations. We continue to like industrial product in the San Jose market as the market is perpetually under-supplied,” said Peter Mette, managing director at Westcore. “Over time, owning the two warehouses next door to one another will provide flexible leasing options and a substantial contiguous parcel of land nearby the new Berryessa BART station.”
Both Westcore and the seller were represented in the transaction by Jeffrey Ida and Cole Ferrari of Marcus & Millichap.
King Road is expected to become vacant over the next twelve months, after which Westcore will initiate its improvement plans. The property represents Westcore’s sixth industrial acquisition in 2020.
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.