Westcore, a leading industrial real estate acquisition, development and asset management firm, ended 2020 with the acquisition of a 4.08-million-square-foot industrial real estate portfolio. Spread over nine (9) major markets across the nation, the portfolio includes 17 Class A, newly-constructed buildings completed between 2016 and 2020. Westcore purchased the properties from San Antonio, Texas-based USAA Real Estate for an undisclosed amount.
The new acquisitions in Westcore’s portfolio include:
- Atlanta, GA: Douglas Hill Road: 344,327 square feet
- Chicago, IL: Ashbury Drive; Mokena Logistics I & II; Rockwell Logistics Center: 599,955 square feet
- Denver, CO: Potomac Park at Dove Valley I & II: 266,522 square feet
- Houston, TX: Gateway Southwest I & II: 348,626 square feet (Land: 11.3 acres)
- Northern CA: Solano Business Center: 378,405 square feet
- Salt Lake City, UT: I-80 Logistics Center I, II & III: 1,094,842 square feet
- San Antonio, TX: I-35 Logistics Center I: 397,600 square feet (Land: 4.1 acres)
- St. Louis, MO: Fountain Lakes I & 2: 374,750 square feet
- Lakeland, FL: Bridgewater Commerce Center: 275,226 square feet
Hack Adams, Westcore’s Managing Director, states, “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.”
The portfolio is 71% leased, with strong leasing activity on several of the currently vacant spaces. The majority of the vacancy exists in the most recently completed buildings, delivered in mid- to late-2020.
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.
With the addition of the portfolio formerly owned by USAA, 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.
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