Westcore, a leading industrial real estate acquisition, development and asset management firm, has grown its Salt Lake City portfolio with the acquisition of a two-building, 397,894-square-foot property in West Valley City, Utah. Westcore purchased the property, Raceway Commerce Center, for $52,235,000 in an off-market deal with Chicago-based Brennan Investment Group.
The brand-new, tilt-up construction Raceway Commerce Center is 33% pre-leased to three tenants. Westcore plans to build out improvements for the tenants, and potentially build out two more spec office suites, one per building. Eckman Construction served as the general contractor for Raceway Commerce Center and will continue in this capacity for TI build outs.
“Raceway Commerce Center is a strong, Class A buy for us in a growing market that’s within a day’s drive of most major Western cities,” said Westcore Managing Director Hack Adams. “Salt Lake City is an industrial market that has performed well over the past several years and continues to maintain low vacancy rates.”
In 2020 and 2021, Westcore purchased two other newly built industrial properties from Brennan Investment Group. Both properties are part of the Dove Valley Business Center in Englewood, Colorado.
“When we learned about Raceway Commerce Center, we welcomed the opportunity to do repeat business with such a reputable developer as Brennan Investment Group,” said Adams.
The two Raceway Commerce Center buildings are located at 6075 W SR-201 Frontage Road and 2234 South 5900 West in West Valley City. Westcore represented itself in the transaction, while Phillip Eilers and Jon Schreck of Cushman & Wakefield represented the seller.
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.