Westcore, a leading West Coast industrial real estate acquisition, development and asset management firm, acquired a 117,342-square-foot warehouse building at 201 Flynn Road, in Camarillo, California, from Southern California-based Decker-Goetsch Properties for $20 million.
The highly functional industrial building, which is 100% leased for more than eight years, was particularly attractive to Westcore as it features low site coverage at 33.5%, a 231-foot rear yard and two separate ingress/egress points. The unique layout also allows for full drive-around capability.
“The functional, low coverage nature of this property, along with a solid income stream, provides tremendous versatility for future re-tenanting or possible redevelopment,” said Mike Metzger, director of acquisitions at Westcore. “We’re also seeing that Ventura County is developing into a stronger industrial market as the Greater Los Angeles Basin and the North Los Angeles markets become oversaturated.”
Darla Longo, Barbara Perrier and Eric Cox of CBRE National Partners represented the seller in this transaction, while Westcore represented itself.
“Westcore has snapped up a great property just off the 101 Ventura Freeway with proximity to a growing population base,” said Longo. “The San Fernando Valley has little developable land, which is pushing businesses and people further into Ventura County.”
Westcore acquired over $1 billion worth of industrial real estate in 2020, comprising over 11 million square feet of building space. Westcore now owns property in 13 states.
Founded in 2000, Westcore is a fully integrated industrial real estate investment company with institutional scale and capabilities. Since its founding, Westcore has acquired, managed and sold more than $10 billion in assets, comprised of more than 1,000 buildings and totaling over 100 million square feet. In addition to its U.S. headquarters in San Diego, Westcore has regional offices in Los Angeles, Oakland and Dallas.