Westcore Properties has acquired 6.64 acres of land located along Sorrento Valley Road at Industrial Court in San Diego, California that is zoned for light industrial, office or commercial uses. Westcore acquired the land from CALTRANS for an undisclosed sum.
The land is part of a central San Diego submarket, which includes Sorrento Valley, Sorrento Mesa, Torrey Pines, UTC and Miramar/Mira Mesa and is considered one of the tightest and best-performing submarkets in San Diego County.
“Sorrento Valley offers easy access to the I-5, I-805, SR 56 and SR 52 and proximity to both executive and workforce housing,” said Hack Adams, senior vice president at Westcore. “Those factors plus its mid-county location make it one of the most sought-after markets for many of San Diego’s leading industries.”
Westcore is working to entitle the land for development of build-to-suit corporate facilities and/or speculative, light industrial buildings ranging in size from 30,000 to 45,000 square feet.
Dean Asaro of Cushman & Wakefield represented Westcore in the transaction, while CALTRANS represented itself.
“Westcore has purchased one of the most highly sought-after sites available along the central San Diego Interstate 5 corridor,” said Asaro. “The site has attracted interest for years from industrial, office, life science and retail companies but has not been available for sale until recently when Caltrans put it up for auction this past July.”
Adams added, “Due to this interest, we received many inquiries from potential users during the escrow period.”
About Westcore Properties
Westcore Properties is a global, entrepreneurial commercial real estate investment firm with a specialized focus in Western United States commercial and industrial properties. Since its founding in 2000, Westcore Properties and its affiliates have acquired and managed more than $5 billion in industrial and office assets, comprised of more than 1200 buildings and totaling over 50 million square feet. In 2018, National Real Estate Investor ranked Westcore properties as one of the Top 50 owners of industrial real estate globally. In addition to its U.S. headquarters in San Diego, Westcore Properties has regional offices in Los Angeles; Oakland; and Sacramento, as well as satellite offices in London, England; Berlin, Germany; and Vienna, Austria.