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REMEC Gets $20.5M in Sale-Leaseback Deal

SAN DIEGO-Westcore Industrial Properties acquires REMEC's business campus, which is located in San Diego's Kearny Mesa area. The transaction will allow REMEC to retire its existing synthetic lease against the property.

By Erin Cassin | Updated on May 07, 2003

SAN DIEGO-REMEC has shed its Kearny Mesa business campus for a sales price of $20.5 million.

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.

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