Westcore, a leading West Coast industrial real estate acquisition, development and asset management firm, acquired a portfolio of seven properties in Arizona and Colorado. Four properties in Phoenix consist of nine (primarily multi-tenant) buildings encompassing 460,214 square feet, and three single-tenant buildings in Denver total 224,184 square feet. Westcore purchased the 684,398-square-foot, multi-state portfolio from an undisclosed seller for an undisclosed sum.
Westcore plans to upgrade the properties, including new paint, landscaping, and asphalt, as well as improve the office suites as leases transition. The Phoenix properties will also have roof replacements.
“Phoenix and Denver are both extremely healthy industrial markets with very limited options for tenants looking of smaller suites in the 10,000 to 75,000-square-foot range,” said Westcore Managing Director, Hack Adams. “The acquisition of these in-fill and functional projects, currently fully occupied, come with significant upside due to the 2.5 years of weighted average lease term in the portfolio, coupled with the meaningful rent growth being achieved in each market.”
Will Strong and Greer Oliver of Cushman & Wakefield represented the seller in this transaction, while Westcore represented itself. Westcore leveraged the Phoenix market expertise of Jeff Conrad from Lee & Associates and Jackie Orcutt from CBRE, and the Denver market knowledge of Drew McManus of Cushman & Wakefield.
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