KKR, a leading global investment firm, and San Diego-based Westcore, a leading industrial real estate acquisition, development and asset management firm, today announced that Westcore has sold an approximately197,000-square-foot industrial warehouse (“Vista Commerce”) located in Vista, California to KKR.
Vista Commerce is located on an all-concrete site and features 14 dock-high doors, six grade-level doors, 27-foot clear height and ample power. The property is 100% leased to a publicly listed healthcare diagnostic testing company.
“We are pleased grow our industrial real estate footprint in Southern California with the purchase of this well-located and fully leased industrial distribution property,” said Ben Brudney, a Director in the real estate group at KKR who oversees the firm’s industrial investments in the United States.
“The interior upgrades to the office area and warehouse space we made provided a highly functional space that attracted a leading healthcare company,” said Westcore Managing Director Hack Adams. “With a high-quality tenant in place and a strategic location in close proximity to high-demand life sciences submarkets, KKR has acquired a valuable asset.”
CBRE represented Westcore in the sale. Westcore acquired Vista Commerce in early 2020 with assistance from CBRE, who also helped secure the lease to the current tenant.
KKR acquired Vista Commerce through its KKR Real Estate Partners Americas III fund.
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; Oakland; and Sacramento, as well as satellite offices in London, England; Berlin, Germany; and Vienna, Austria.
KKR is a leading global investment firm that offers alternative asset management and capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of The Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.