Westcore, a leading industrial real estate acquisition, development and asset management firm based in San Diego, California, has acquired Dove Valley Business Center II, a 150,600-square-foot Class A warehouse in Englewood, Colorado. Westcore purchased the newly completed property, located at 14251 E. Otero Ave., from Chicago-based Brennan Investment Group for $20 million.
Early last year, Westcore purchased Brennan Investment Group’s sister warehouse development, Dove Valley Business Center I, which Westcore subsequently leased to CoSo Health and Mikron Corporation.
The properties are located 12 miles southeast of downtown Denver and proximate to Interstate 25 and E-470.
Dove Valley II is well suited for a single tenant, but easily demises for flexibility to accommodate tenants down to 21,000 square feet. Westcore will build out a 3,000-square-foot spec office suite immediately.
Other property features include an ESFR sprinkler system, a 185-foot oversized truck court, 47 trailer parking spaces and additional auto parking, 28-foot clear height, 31 dock-high doors and six drive-in doors with ramps.
“We’re rapidly establishing a strong presence in the dynamic Dove Valley market,” said Mike Metzger, director of acquisitions for Westcore.
In addition to Dove Valley Business Center II, Westcore recently acquired two other newly constructed Class A spec warehouses in the market – the 118,270-square-foot Dove Valley Business Center III and the 148,252-square-foot Dove Valley Business Center IV.
“With our recent leasing success at Dove Valley Business Center I, we look forward to leveraging this momentum to lease up the balance of these high-quality assets in timely manner,” Metzger added.
Bo Mills of KBC Advisors and Tyler Reed and Dominic DiOrio of Stream Realty Partners represented Brennan Investment Group, while Westcore represented itself. Reed, DiOrio and Peter Beugg, also of Stream Realty Partners, will market the property for lease.
Founded in 2000, Westcore is a fully integrated industrial real estate investment company with institutional scale and capabilities that operates with speed, agility and adaptability. Since its founding, Westcore has acquired, managed and sold more than $10 billion in assets, comprised of more than 1,000 buildings and totaling over 100 million square feet. In addition to its U.S. headquarters in San Diego, Westcore has regional offices in Los Angeles, Oakland and Dallas.