Westcore, a leading industrial real estate acquisition, development and asset management firm, acquired a 149,652-square-foot, Class A warehouse in Englewood, Colorado from Chicago-based Brennan Investment Group for $23 million.
Located at 14101 E. Otero Ave., Dove Valley Business Center is a newly constructed, 50% leased, state-of-the-art industrial property. Westcore plans to add approximately 1,000-square-feet of speculative office space to the building to spur tenant demand for the remaining vacant suites.
“This investment is consistent with Westcore’s strategy to acquire well-located, functional industrial properties in markets demonstrating attractive supply-demand dynamics,” said Ben Bucci, acquisitions associate at Westcore. “Dove Valley Business Center is a Class A asset offering tenants a variety of suite sizes that align well with the current tenant demand landscape in the southeast Denver submarket.”
Westcore’s last investment in the Denver-Aurora Metropolitan Area occurred four years ago, but the area is a target market for Westcore after recently closing its $1.25 billion, third investment platform, which included a commitment from a major state pension fund and a national insurance provider.
Westcore represented itself in the transaction, while Bo Mills of JLL and Tyler Reed and Dominic DiOrio of Stream Realty Partners represented Brennan Investment Group.
“We’re grateful to Bo for bringing us this opportunity, and we look forward to working with Tyler and Dominic to lease the remaining vacancy at Dove Valley Business Center,” said Hack Adams, managing director at Westcore.
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.