Westcore, a leading industrial real estate acquisition, development and asset management firm, sold its approximately 380,000-square-foot industrial property at 8001 West Buckeye Road in Southwest Phoenix to affiliates of KKR. The sale marks the closure of a previous fund for Westcore.
Westcore originally purchased the West Buckeye Road property, known as West80, from a joint venture between Phoenix-based Wentworth Property Company and a private real estate fund managed by Dallas-based Crow Holdings Capital when construction completed in August 2019.
Westcore’s sale of West80 this month was highly competitive and ultimately yielded a robust sale price, an indication of the asset and tenant quality and strong dynamics in the Phoenix market.
“We are big believers in the fundamentals of the Phoenix industrial market, as demonstrated by our acquisition of two buildings and commencement of construction on two ground-up developments since the COVID-19 pandemic started,” said Don Ankeny, president and CEO of Westcore. “The extremely strong interest in West80 is further evidence that our industry expects this market to continue to thrive.”
West80 features an ESFR sprinkler system, 36-foot clear height, cross-dock loading, an office suite and a fully secured property with drive around capabilities. The property is proximate to Phoenix’s main east-west transportation node, Interstate 10, as well as Loop 202.
“Westcore has more than a dozen deals completed or pending since the start of the pandemic, including our sale of West80, and I can’t emphasize enough how much we rely on our broker partners to make that possible,” said Hack Adams, managing director at Westcore. “We congratulate KKR on the acquisition of a terrific asset.”
Will Strong, Greer Oliver, Mike Haenel and Andy Markham of Cushman & Wakefield represented Westcore in the sale. Haenel and Markham also brokered the lease with ABB Inc., a wholly owned subsidiary of ABB (NYSE: ABB) that leased 100% of West80 this spring. KKR represented itself.
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 1,200 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 and Oakland, as well as satellite offices in London, England; Berlin, Germany; and Vienna, Austria.