Westcore Properties has acquired Pacific Distribution Center, a Class A, 712,130-square-foot warehouse distribution center at 400 Park Center Drive in Patterson, California. Westcore purchased the property from Raleigh, North Carolina-based Keystone Corporation for $53,750,000.
Newly constructed, Pacific Distribution Center features 112 dock doors, 36 feet of clear height and sits on over 34 acres of land. The property can accommodate parking for 356 vehicles and 250 trailers.
“We believe the Central Valley industrial market is poised for prolonged strength,” said Peter Mette, director of acquisitions at Westcore. “Pacific Distribution Center presented the opportunity to acquire a large-scale, Class A, brand-new industrial building and enhance value through our leasing strategy.”
Michael Goldstein and Ryan McShane of Colliers International represented Keystone Corporation in the transaction, while Westcore Properties represented itself.
“Pacific Distribution Center offers direct access to all of the Bay Area, Northern California and major West Coast population centers via Interstate 5,” said Goldstein, executive managing director at Colliers. “It’s a state-of-the-art building surrounded by retail amenities and new, affordable housing. PDC is recently shell complete and ready for immediate occupancy.”
Keystone Corporation completed development of Pacific Distribution Center in August 2018.
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.
About Keystone Corporation
Keystone Corporation is a Raleigh, North Carolina-based real estate development firm founded in 1979. Keystone utilizes the extensive acquisition, development, leasing and management experience of its principals and team to invest in a wide range of commercial and residential properties across the United States and internationally. J Patrick Gavaghan serves as CEO and president of Keystone. Keystone has developed projects in seven states and five countries. Keystone Corporation has built over 7 million square feet of office/industrial/flex space, 7,000 single family lots, 1,500 Class A apartments, 296 townhomes and 72 condominiums. Visit keystonecorporation.com for more information.