Westcore Pays $12M for Office Property

SORRENTO MESA, CA-Westcore Properties LLC, the San Diego-based real estate investment company, has plans to acquire more than $100 million in the San Diego market this year. The firm is making a dent into that goal with its recent purchase of Mira Oberlin Plaza, a six-story, 72,000-sf office property.In the deal, Westcore partnered with Longwing Real Estate Ventures in acquiring the property from Ascension I, LP. Westcore representered itself in the transaction, while Brent Bohlken of GVA IPC represented the seller. Built in 1990, the property was 97% leased at the time of sale. Tenants include Advanced Marketing Services and Oberlin Deli.”The real estate market in Sorrento Mesa has been particularly appealing to us from an investment standpoint,” says Gary Katz, Westcore’s director of acquisitions for Southern California. “The technology sector is growing quickly there, which has increased the tenant demand.” Katz adds that Westcore made the bid on Mira Oberlin Plaza due to its “strong investment upside due to below market rents.”In addition to its plans to acquire more than $100 million in property in San Diego this year, Westcore Properties plans to spend more than $500 million in its key markets, which includes all of California and other western states. So far, the firm landed $140 million in property and is negotiating for another $110 million. In another move, Westcore named Donald H. Ankeny its new president and chief executive officer. Prior to his appointment at Westcore, Ankeny was managing partner with Riverside Capital Partners where he was engaged in consulting, development and capital raising that included the formation of new REITs, privatization of REITs and acquisition of real estate operating companies. With the appointment of Ankeny, Marc Brutten, Westcore Properties’ founder, has been named chairman of the firm. “I will focus on continuing to develop relationships with our lenders as well as take part in exploring European acquisitions,” says Brutten.