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Charlotte Buy Not Start of Pattern for Westcore

The San Diego-based company isn't planning on a regional expansion.

By John McCloud | Updated on March 31, 2008

CHARLOTTE, NC-Westcore Properties recently made its first acquisition in the Southeast with the $24.75 million purchase of a 455,750-sf manufacturing building in Charlotte. But the San Diego-based company calls it a one-time opportunity rather than a true market debut.

“I wouldn’t read it as an entrance into the region so much as following an existing relationship,” says Westcore president and CEO Donald Ankeny. “The owner, now the tenant, is a group we have a relationship with. They asked if we were interested in buying their Charlotte facility, so we agreed to take a look.”

The seller was Flextronics International USA Inc., an electronics manufacturing services provider that will continue to occupy the building under a 10-year lease signed with Westcore. In December, the company sold Westcore a 500,000-sf, nine-building manufacturing facility in Milpitas, CA. The deal also included a 10-year leaseback.

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