Westcore, a leading West Coast industrial real estate acquisition, development and asset management firm, acquired a 108,927-square-foot warehouse building at 28381 Vincent Moraga Drive in Temecula, California from a private party for $16 million.
The building features very unique 40- to 42-foot clear heights and an existing sprinklered racking system. The 6.65-acre site also boasts ample dock-high loading and a fully fenced and secured truck yard. Westcore will make several cosmetic and deferred maintenance improvements to the property, including new paint, drought tolerant landscaping, a new roof and skylights and interior enhancements to the existing office.
“This building has very good bones and sits in an extremely tight sub-market with vacancy that hovers around 1% and very limited new construction,” said Hack Adams, managing director at Westcore. “Along with the planned cosmetic and deferred maintenance items we are planning to handle immediately, the building’s impressive 40-foot clear height, ample loading and ability to offer a secured truck yard and/or lay-down yard, we are very optimistic this asset will attract strong interest from the immediate South Riverside sub-markets, or the nearby Northern San Diego markets. We would also like to thank Randy Lockhart of Newmark for bringing this terrific off-market opportunity to Westcore’s attention.”
According to Newmark’s Q1 2021 Inland Empire Industrial Market report, vacancy is at record lows, not just for Temecula, but for all of the Inland Empire. The firm’s San Diego report states that vacancy has been consistently low as new supply has lagged demand.
Randy Lockhart of Newmark represented Westcore, while the seller represented itself.
Westcore acquired over $1 billion worth of industrial real estate in 2020, comprising over 11 million square feet of building space. Westcore now owns property in 13 states.
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.