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Westcore JVs for First NorCal Purchase

CAMPBELL, CA-With plans to spend another $100 million in Northern California over the next 12 months, Westcore Properties of San Diego and Longwing Real Estate Ventures LLC of New York joint venture the $52.8-million acquisition of Vasona Technology Park, a seven-building, 307,000-sf R&D/Flex park here that is 90% leased.

By Brian K. Miller | Updated on November 04, 2004

CAMPBELL, CA-An entity of Legacy Partners Commercial has sold the 307,000-sf Vasona Technology Park here for $52.8 million. The seven-building R&D/Flex office park at 200-264 East Hacienda Ave. is 90% leased.The new owner is a joint venture of Westcore Vasona, LLC, an affiliate of San Diego-based Westcore Properties, and Longwing Real Estate Ventures, LLC, a New York-based private real estate investment company. The seller is officially Legacy-RECP II Hacienda OPCO LLC.The 18-acre park was built between 1963 and 1981 and rehabbed in 2000. Tenants include Kaiser Foundation, Fujitsu and Santa Clara County Health Authority.Joe Moriarty, Greg Davies, Steve Pace, Steve Horton and Eric Fox of the Santa Clara office of CPS Corfac International represented both the buyer and the seller in the transaction. The acquisition was overseen by Neil Johnson, director of acquisitions for Westcore’s new Northern California office. Johnson says Westcore was attracted to the property by good-credit tenants and strong leases in a market “that has bottomed out, leaving rents set to rebound.” Moreover, the park is also located on multiple parcels of land, “providing an ideal exit strategy–we can sell the entire park or break it up into individual buildings.” Westcore opened the Northern California office as part of a plan to acquire more properties there. Johnson says the company plans to invest approximately $150 million in office, industrial, retail and land in the region over the next 12 months.

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