Westcore, a leading industrial real estate acquisition, development and asset management firm, acquired its first property since closing a separately managed account with CIGNA Investment Management (CIGNA). Westcore has acquired a 184,541-square-foot, high-finish industrial building at 2620 Commerce Way in Vista, California from Denver-based Everwest Real Estate Investors for $26.4 million.
The building features 14 dock-high doors, six grade-level doors, 27-foot clear height and ample power. A two-story corporate entry leads to existing and functional office areas, but Westcore plans to increase efficiency by absorbing part of existing office space into warehouse space and upgrading various exterior and interior areas. Vista Commerce’s all-concrete site also includes a truck yard.
“San Diego’s North County has limited options for tenants wanting 75,000 to 200,000 square feet of industrial space,” said Hack Adams, managing director at Westcore. “With the corporate image and discount to the higher priced markets of central San Diego, I-15 Corridor and Carlsbad, this property, called Vista Commerce, will fill a void for a corporate user looking for functional yet affordably priced industrial space.”
CBRE’s Darla Longo and Rebecca Perlmutter of CBRE represented Everwest in the transaction, while Westcore represented itself. Roger Carlson and Blake Wilson, also with CBRE, will market Vista Commerce, which is well suited for one to two light manufacturing or warehouse users.
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.