Westcore, a leading industrial real estate acquisition, development and asset management firm, made its foray into the Texas market with a 35-building, three-city portfolio purchase from Dallas-based Stonelake Capital Partners. Comprising 3,089,799 square feet, Westcore purchased 16 industrial parks located in Dallas, Houston and San Antonio.
“Entering the Texas market is part of our strategic plan, as Dallas and Houston are two of our nation’s largest and best performing industrial markets,” said Don Ankeny, president & CEO at Westcore. “This portfolio of quality, infill industrial parks allows us to gain a large foothold in multiple major markets where we plan to expand our presence.”
Jack Fraker and Jonathan Bryan of CBRE represented Stonelake Capital Partners, while Westcore represented itself.
“We appreciate the relationship we’ve developed with the CBRE brokers who not only brought this opportunity to our attention but helped facilitate our quick analysis of the markets and underlying real estate, culminating in another successful portfolio acquisition.,” Ankeny continued.
The tri-city portfolio is 93% leased to 95 diverse tenants. Westcore will open an office in Dallas or Houston, where the lion’s share of the industrial parks are located.
“We’re committed to institutionally managing this entire portfolio of well-established tenants and to capitalize on opportunities to fill existing vacancies or backfill suites when spaces become available,” said Hack Adams, managing director at Westcore who leads Dallas acquisitions. “Treating our tenants as first-class customers has helped create our legacy of healthy landlord/tenant relationships and is an approach we intend to continue in Texas.”
Westcore plans exterior cosmetic renovations, roof upgrades and addressing some deferred maintenance throughout its anticipated long-term hold of the portfolio.
“We were attracted to the infill nature of the portfolio which has seen its occupancy level increase over the last 12 months despite the challenges presented by the pandemic,” said Peter Mette, managing director at Westcore who leads acquisitions in Houston, San Antonio and Austin. “We view the investment as an excellent first step in entering major Texas markets.”
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 have acquired, managed and sold more than $9 billion in industrial and office assets, comprised of more than 750 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.