Westcore Properties has sold a 6,350,000-square-foot, Class A industrial property portfolio to San Francisco-based Stockbridge Capital Group for an undisclosed sum.
“We were pleased with the completion of this portfolio transaction to Stockbridge, which we strategically assembled over the past several years in primarily off-market transactions, at a notable gain for our shareholders,” said Westcore Properties’ chairman Marc Brutten.
With 26 assets across nine markets in five states, the portfolio is nearly 100% leased, despite many of the properties being vacant at the time of Westcore’s purchase. Westcore acquired all of the properties in the portfolio since September of 2016 and renovated nearly all of them. The buildings’ tenants are primarily big-box and last-mile users.
“This sale demonstrates our business strategy,” said Don Ankeny, president and CEO of Westcore Properties. “We’re careful to select value-add properties where we can make a difference and return a premier asset to a thriving industrial market.”
The portfolio includes properties in:
927 E. 9th Street & 7776 E. Tippecanoe Ave., San Bernardino
22705 Newhope St., Moreno Valley
3834 Duck Creek Drive, Stockton
133 & 155 Mata Way, San Marcos
500-938 S. Andreasen Drive, Escondido
13915 Maryton Ave., Santa Fe Springs
2200-2300 Wilbur Ave. & 2110-2300 Wilbur Lane, Antioch
1627 Army Court, Stockton
4545 Qantas Lane, Stockton
1050 E. Grant Line Road, Tracy
5675 Sunol Blvd., Pleasanton
7037 W. Van Buren St., Phoenix
445 E. Glendale Ave., Sparks
550 Coney Island Drive, Sparks
960 United Circle Drive, Sparks
980 United Circle Drive, Sparks
1050 Spice Islands Drive, Sparks
1750 Purina Way, Sparks
940 Spice Islands Drive, Sparks
1277-1295 Spice Islands Drive, Sparks
750 Spice Islands Drive, Sparks
748 Spice Islands Drive, Sparks
700-742 Spice Islands Drive, Sparks
1259-1275 Spice Islands Drive, Sparks
4745 Amelia Earhart Drive, Salt Lake City
135 S. Mt. Zion Road, Lebanon
“We are very positive about the underlying market fundamentals for industrial property,” added Ankeny. “We’re continuing to work with our broker partners to identify and secure industrial properties in established and emerging markets where we can unlock value and continue to grow our business.”
Stephen Silk, Jay Borzi and Adam Pastor of Eastdil Secured represented Westcore Properties in the sale, while Stockbridge Capital Group represented itself.