SAN DIEGO—Westcore Properties, an active investor in industrial and office properties throughout the Western United States, acquired a 514,169-square-foot industrial property portfolio in San Diego's North County from Boston-based TA Realty for approximately $75 million.
“Development of incubator multi-tenant and multi-tenant industrial properties has been almost non-existent in San Diego over the past decade, increasing demand for these buildings,” said Hack Adams, senior vice president at Westcore Properties and its head of acquisitions for the southwest US. “Industrial real estate market fundamentals are extremely strong throughout San Diego, and we are bullish on the respective submarkets of Escondido, San Marcos and Rancho Bernardo represented in this portfolio.”
According to Cushman & Wakefield's San Diego second quarter industrial report, the vacancy rate stands at 5%, the lowest on record.
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