Westcore, a leading west coast industrial real estate acquisition, development and asset management firm, has closed its third real estate platform, anchored by a $100 million co-invest commitment from its longstanding executive team.
Furthermore, after decades of individual and programmatic joint ventures with institutional capital partners, and most recently after eight years of partnership with a single real estate private equity firm, Westcore recently closed its first separately managed account with a major state pension fund. A second separately managed account with a national insurance company will provide a combined institutional capital commitment of $550 million.
This direct, low-cost capital investment into the Westcore platform allows the firm to target core plus, institutional warehouse investments in addition to value added and industrial development projects.
“Our investor base has continued to expand and diversify, giving us current purchasing power of $1.25 billion over our near-term deployment horizon,” said Don Ankeny, president and CEO of Westcore.
Westcore’s third investment platform is its largest to date. The company will continue investing in strong primary and secondary markets with favorable supply-demand dynamics and growth potential.
“We are excited to embark on the next expansion phase of our business targeting new geographies, asset management platforms and asset consolidations in the industrial, warehousing and distribution sectors,” said Westcore Chairman Marc Brutten.
Westcore’s hands-on acquisition, development, leasing and property management teams have a strong track record for attracting and maintaining credit worthy, industry-leading tenants, including LG, XPO Logistics, AECOM, Hewlett-Packard, Impossible Foods and many more.
About 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.