Westcore, a leading industrial real estate acquisition, development and asset management firm, has acquired a 350,000-square-foot, 16-building industrial park located at 1515 Navy Drive in Stockton, California. Westcore purchased the property from Klein Brothers for $20.1 million.
Westcore plans to fully renovate the formerly owner-occupied industrial park. Currently configured for warehousing, packaging and distribution, the property is equipped with cold storage and ample yard space. In addition to aesthetic improvements, renovations will be made to accommodate multiple tenants for the first time in the property’s history.
“1515 Navy Drive has excellent access to the Port of Stockton and I-5 in the burgeoning and healthy Central Valley industrial market,” said Westcore Managing Director Peter Mette. “Our renovations will allow us to accommodate a broad range of tenants from those requiring 20,000 square feet up to 200,000 square feet or more. We are also excited about the prospect of new construction on the southern end of the site—there is a lot of untapped potential with this property.”
Mike Goldstein, Ryan McShane and Wes Widmer of Colliers International represented both parties in the off-market transaction.
“We appreciate the awesome team of brokers that worked hard to make this happen,” said Mette. “We are excited about the deal, and we feel extremely fortunate for the opportunity to acquire this real estate.”
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 2020 alone, Westcore has acquired $630 million worth of industrial property, representing approximately seven 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.