Southrail Equities LLC bought the 224,451-sf Southrail Business Park, located at 611-696 Marsat Court and 1413-1596 Jayken Way. Westcore bought it from the California State Teachers Retirement System.
Southrail, located on 16.4 acres, was constructed in phases in 1984 and 1987. The buildings are 87% leased, with major tenants including Quality Plus Automotive Parts, Apparel Creations, Bay Port Press, OSI Security Devices and LGB Inc.
The business park offers rollup and dock doors and buildings situated on separate parcels, offering street frontage to all tenants. A San Diego trolley station is located nearby.
Because the individual properties in the complex are free-standing, Westcore will offer some of the buildings for sale as well as for lease, says Marc Brutten, chief executive officer for Westcore.
"We feel fortunate to start the new year with an acquisition that is attractively located and flexible," says Brutten. "The changing economy and low interest rates are leading companies to pursue a variety of strategies for leasehold and ownership of their commercial property.
"The uniqueness of Southrail Business Park gives us a number of options for meeting their needs."
Southrail Equities LLC is a California limited liability company with MRB Manager serving as its managing member. The acquisition was financed through a loan from Union Bank.
Steve Rowland, formerly of Burnham Real Estate Services and currently with Business Real Estate Brokerage Company, represented both sides in the transaction. Michael Mossmer of Voit Commercial Brokerage will handle leasing.
Westcore Industrial Properties is a fully integrated private real estate company formed by Marc Brutten to acquire, redevelop and expand industrial, flex and R&D properties in the western United States. Westcore is headquartered in San Diego with a regional office in Los Angeles.
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