Westcore, a leading industrial real estate acquisition, development and asset management firm, recently acquired two distribution warehouses in California, totaling more than 1.4 million square feet. Westcore acquired the properties in Lancaster and Woodland, CA from Kimco Realty Corp. based in Jericho, New York. The purchase price was $108 million for both properties, which are fully leased to Rite Aid with 20-year leases.
The Lancaster warehouse is located at 2801 West Ave. H and comprises 926,860 square feet. The Woodland property is located at and 1744 East Beamer St., and totals 508,000 square feet.
Westcore Managing Director Peter Mette, states, “The long-term growth prospects in both of these industrial markets provide a scalable opportunity for Westcore to grow our industrial portfolio. We were also attracted to the basis and yield of the long-term lease in place with Rite Aid.”
Darla Longo, Barbara Emmons, and Rebecca Perlmutter of CBRE represented the seller, while Westcore represented itself in the transaction.
For more information, visit the San Diego Business Journal.
