Westcore, a leading industrial real estate acquisition, development and asset management firm based in San Diego, California, has acquired a 4.08-million-square-foot industrial real estate portfolio over nine major markets across the nation. Westcore purchased the portfolio from San Antonio, Texas-based USAA Real Estate for an undisclosed amount.
The portfolio includes 17 Class A buildings constructed between 2016 and 2020 and two land sites.
- Atlanta Douglas Hill Road: 344,327 SF
- Chicago Ashbury Drive; Mokena Logistics I & II; Rockwell Logistics Center: 599,955 SF
- Denver Potomac Park at Dove Valley I & II: 266,522 SF
- Houston Gateway Southwest I & II: 348,626 SF (Land: 11.3 acres)
- Northern CA Solano Business Center: 378,405 SF
- Salt Lake City I-80 Logistics Center I, II & III: 1,094,842 SF
- San Antonio I-35 Logistics Center I: 397,600 SF (Land: 4.1 acres)
- St. Louis Fountain Lakes I & 2: 374,750 SF
- Lakeland, Fla. Bridgewater Commerce Center: 275,226 SF
The portfolio is 71% leased, with strong leasing activity on several of the current vacant spaces. The majority of the vacancy exists in buildings delivered in mid- to late-2020. The portfolio’s average building size is 240,015 square feet.
“This portfolio offers a nice combination of single tenant and multi-tenant buildings providing a wide range of options to smaller and medium sized industrial users, where demand remains strong,” said Westcore Managing Director Hack Adams.
“Purchasing a portfolio comprised of newly constructed assets in both Tier 1 and strong performing Tier 2 industrial markets presents significant upside potential through leasing vacancy and continued rent growth,” added Westcore Managing Director Peter Mette.
Jack Fraker and Ryan Thorton at CBRE represented USAA Real Estate in the transaction, while Westcore represented itself. Val Achtemeier and Mark McGovern at CBRE led placement of new debt for the deal.
“We want to give credit to everyone who overcame a very tight timeframe with a year-end closing that included assuming five loans to get this deal over the finish line,” said Westcore President and CEO Don Ankeny. “We pride our company on being nimble, but this monumental effort would not have been possible without the consummate brokerage and finance professionals involved.”
With the addition of the USAA portfolio, Westcore’s industrial property holdings now span 10 states. During 2020, Westcore acquired over $1 billion worth of industrial real estate, comprising over 11 million square feet of building space.
About Westcore
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.