Westcore Adds 3.5 MSF to California Footprint

The portfolio includes four buildings in Valencia, Calif., completed in 2000. Image courtesy of Colliers

Westcore Properties has acquired a 16-building industrial portfolio in California, spread across Livermore, Valencia and Chino. MEPT was the seller of the 3.5 million-square-foot Odyssey Portfolio, CommercialEdge data shows. Eastdil Secured assisted the seller, while Westcore represented itself in the transaction.

Fully leased at the time of the deal, The Odyssey comprises Class A, A- and B+ buildings. The portfolio includes nine buildings in Chino totaling 1.5 million square feet, occupied by nine tenants. Adding up to 742,558 square feet, the four properties in Valencia came online in 2000 and comprise five tenants. Completed in 2016, the three Class A Livermore buildings are leased to two tenants and offer a total of 1.3 million square feet.

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The portfolio’s tenant roster comprises distribution, warehousing and light manufacturing companies, operating on a national, regional or local level. Some of the major tenants include Pharmavite, Tesla, Draxlmaier Automotive, as well as blue-chip companies, such as Coca Cola and Schlage.

The properties are part of the Los Angeles, Inland Empire and Bay Area markets. As of July, all three metros led the U.S. industrial market for price per square foot and transaction volume, a recent CommercialEdge report shows. Inland Empire was at the forefront, with a $2.8 billion deal volume year-to-date through July, followed by Los Angeles ($1.8 billion) and the Bay Area ($1.4 billion).

Eastdil Senior Managing Director Steve Silk, Managing Director Jay Borzi, Director Adam Pastor and Christina Buhl with Industrial Equity Sale facilitated the deal for the seller.

Westcore’s industrial expansion

The Odyssey Portfolio brings Westcore’s assets under management in the U.S. to more than $4 billion and 25 million square feet. The real estate investment company focuses on industrial properties since its founding in 2000.

During the first half of the year, the company made several purchases in the Southwest, with a main focus on its Texas portfolio. Westcore entered the Fort Worth market in April with the acquisition of three buildings at North Quarter 35, totaling 485,000 square feet. The deal was followed by two additional purchases in Fort Worth, namely the acquisitions of the 301,120-square-foot Rockwall Distribution Center and the Railhead Business Station, a 519,905-square-foot, Class A industrial campus.