Westcore, a leading industrial real estate acquisition, development and asset management firm, acquired an 11-building, 509,164-square-foot industrial campus at West Midway Blvd. and Burbank St. in Broomfield, Colorado for $48 million from Commander Leasing LLC.
Westcore’s extensive renovation and branding plan includes a new paint scheme, parking lot upgrades and various other improvements.
“This portfolio provides Westcore the rare opportunity to purchase 35 acres of land with 11 highly functional and 100% leased assets in Denver’s Northwest Corridor, which is one of Denver’s leading infill industrial markets in high demand,” said Westcore’s Director of Acquisitions Mike Metzger. “We are encouraged by the strong market dynamics, including significant supply constraints and multiple demand drivers that will allow us to add significant value to the portfolio over time.”
Earlier this year, Westcore acquired another Denver-area asset, a 149,652-square-foot, Class A warehouse in Englewood, Colorado.
Tyler Carner, Jeremy Ballenger, Jim Bolt, Jessica Ostermick of CBRE represented the seller in the Broomfield transaction, while Westcore represented itself.
“We appreciate our relationship with the CBRE industrial team that brought this opportunity to our attention, as well as assisted us to quickly analyze the underlying real estate and its fit within the current market,” said Westcore Managing Director Hack Adams. “We look forward to continuing to work with the CBRE team to execute our busines objectives on the Broomfield portfolio.”
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 has 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.