REMEC Corporate Campus Sells for $26 Million

KEARNEY MESA-WS Roscoe LLC, an affiliate of San Diego-based Westcore Properties LLC, and Somera Capital have sold REMEC Corporate Campus for $26.5 million. CBRE Operating Partnership LP, a wholly owned subsidiary of CB Richard Ellis Realty Trust, acquired the four-building, 132,685-sf office and R&D center.”The property we sold will be a great performer for the buyer,” says Owen Frost, chief investment officer with Westcore Properties. The space is 100% occupied by REMEC Defense and Space Inc., which designs high-tech communications systems for the defense and commercial sectors. REMEC holds a lease until 2017 at the property, which is located on 10.54 acres.The campus’ four buildings includes a corporate office, an administrative office and “classified, product areas for the development of futuristic high-tech systems,” says Frost. Nick Psyllos of the San Diego office of CB Richard Ellis represented both parties in the transaction.Though Westcore sold the REMEC campus, the company’s in a buy-first mode, according to Frost. “We’ve already redeployed those funds to a Northern California property,” Frost tells Globest.com. The company recently joined with financial partner Longwing Real Estate Ventures, a privately held New York real estate investment firm, to acquire Vasona Tech Park in Silicon Valley for $52.8 million, a 307,000-sf campus with seven buildings of R&D and flex space.”In California, there are some restrictions on new developments, and some restrictions on new supply, so it makes it a good time to redeploy assets,” Frost says. The company has core properties in San Diego, Los Angeles County, Orange County and the Bay Area, where Westcore has just opened an office, according to Frost. And there are more properties on the way.Frost says the company had set a goal of around $100 million in acquisitions for 2004. “That’s already been far exceed with over $150 million acquired this year and more in the pipeline,” says Frost. “We setting a goal of $300 million in acquisitions for next year.”