The sale-leaseback transaction has allowed the Del Mar-based manufacturer of high frequency subsystems to retire its existing synthetic lease against the property. As a result, more than $17 million in formerly restricted cash has been released for "strategic corporate purposes," company officials say.
Westcore Industrial Properties has acquired the asset, which president Marc Brutten calls a "prime piece of property secured by a long-term lease." The campus is comprised of four facilities located at 9404 Chesapeake Dr. and 5755, 5785 and 5788 Roscoe Court. Encompassing a total of 132,685 sf, the properties stand on an 8.5-acre parcel. REMEC's Defense and Space group occupies the majority of the campus with REMEC and WS Roscoe entering into separate 14-year leases for the entire property, which went into effect on the closing of the sale.
Both REMEC and Westcore were represented by Larry Jackel, Doug Lozier and Nick Psyllos of CB Richard Ellis' San Diego Central office.
"This was an outstanding transaction for both parties," Jackel tells GlobeSt.com. "REMEC was able to convert a synthetic lease into an operating lease and Westcore was able to purchase a well-secured, well-located, high-quality asset," he explains.
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