The exec does not rule out additional buys outside the West, but he says if they occur it will likely again be through existing relationships and not a conscious effort to penetrate new markets. He points out that an office portfolio acquisition made after the Flextronics deal in the final week of March includes a property in Cleveland, though the majority of properties were in San Francisco and San Diego. "We wouldn't target Ohio, but we bought this particular property in order to get the rest of the portfolio," he explains.

In general, Ankeny continues, Westcore looks very favorably on industrial properties, but he says current pricing levels make it difficult to justify many prospective acquisitions. "Everybody likes industrial," he says. "As an asset class, it´s very stable and in many markets demand is outstripping supply. But it´s also extremely competitively priced. It´s difficult to see how an acquirer is rewarded for the investment."

Though Westcore may hold the Charlotte property through the term of the Flextronics lease, according to Ankeny if it does it would be departure from the company's usual value-add pattern. "We're typically not a buy-and-hold owner," he says. "We look for well-located properties with good bones that we can re-tenant or rehab and sell for a good return. The Flextronics building does not fit the mold, but we got it for a good price and after studying the Charlotte market, we determined it made sense."