Westcore Buys Retail Center in Deal Worth Nearly $9M

ALPINE, CA-Westcore Properties LLC continues to expand its San Diego portfolio, as its affiliate Westcore Freightways LLC has recently picked up a retail asset in Alpine for $8.6 million.Known as Alpine Creek Center, the newly acquired Westcore property stands on a 10.3-acre parcel located at 1347, 1385 and 1392 Tavern Rd. Encompassing a total of 73,402 sf, the six-building complex is anchored by local grocer Alpine Creek Market with 22,000 sf. Additional tenants include Bread Basket Restaurant, Radio Shack, Curves and San Diego County’s Sheriff’s Department. “We don’t anticipate any turnover (in tenancy) at this point,” says Gary Katz, director of acquisitions for Westcore Properties. The new owner does intend to rehab the property, with plans to do some cosmetic renovations and improve the complex’s parking situation.”What attracted us to this deal is the fact that Alpine is a growing trade area with very limited competition and very limited future competition,” Katz tells GlobeSt.com. “This is the only supermarket-anchored shopping center in the Alpine community,” Katz says, although he does point out that there will be “one major grocer coming to town in the next couple of years.” For the time being, however, “it is really the only game in town, as it pertains to a market-anchored shopping center,” Katz says of Alpine Creek Center. Westcore, which already owns a similar retail asset in Poway that it is renovating, is looking for additional acquisitions like Alpine Creek Center. In fact, the investment firm is getting ready to close escrow on another shopping complex in Corona next week, Katz tells GlobeSt.com. “We focus 50% on retail and 50% on industrial/office,” he says.In the Alpine Creek Center sale, Glenn Karp with the San Diego office of Coldwell Banker Commercial acted on behalf of Westcore. Seller Alpine Creek Center Co. was represented by Tom Olson, who is also with the San Diego office of Coldwell Banker Commercial. Financing included assuming a loan from Midland Loan Services for approximately $2.4 million.