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$86M Buys Eight-Property Industrial Portfolio

SAN DIEGO-RREEF America REIT II purchases the 828,315-sf portfolio from a group of Westcore Industrial Properties subsidiaries. The newly acquired assets range from corporate headquarters and R&D facilities to multi-tenant industrial product.

By Erin Cassin | Updated on June 30, 2003

SAN DIEGO-RREEF America REIT II has expanded its San Diego holdings, having recently acquired an eight-property industrial portfolio here for $86 million in cash.

The portfolio is comprised of Westcore Pacific Center, Westcore Trade, Westcore Miramar, Westcore Torrey, Westcore Business Park, Westcore Scenic View, Westcore Corporate Center and Westcore Executive Park. Stretching across five San Diego submarkets, the portfolio is “geographically diverse,” according to Nick Psyllos with CB Richard Ellis’ San Diego office. Psyllos, along with Darla Longo of the firm’s Ontario office, brokered the transaction. The new acquisition also offers a range of product types, as its assets vary from corporate headquarters and R&D facilities to multi-tenant industrial product, Psyllos tells GlobeSt.com. The sale presented “a pretty unique opportunity to increase holdings that cover a wide spectrum,” Psyllos explains.

At the time of sale, the portfolio had an overall occupancy level of 90%. Larry Jackel, Dean Asaro, Dave Demarest, Doug Works and Bill Dolan with CB Richard Ellis’ San Diego office are currently handling leasing at the portfolio’s various properties. Major tenants now occupying space in the facilities include Kreiss Enterprise with 37,665-sf and Southwest Power Inc. with 35,990-sf. The complexes themselves range in size from 47,542-sf to 203,518-sf.

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