SAN DIEGO-Locally based Westcore has obtained up to a $200-million investment from Five Arrows Realty Securities V LP, according to Marc Brutten, the company’s executive chairman. Five Arrows is an investment fund managed by New York City-based Rothschild Realty Managers LLC.
“The investment by Rothschild Realty will be used to augment the ongoing business of Westcore Properties, which targets the acquisition of industrial and office real estate debt and equity throughout the West Coast,” says Brutten.
Currently, the Westcore Properties’ worldwide portfolio totals 12 million square feet of industrial, office and retail space with a combined total value in excess of $1.2 billion. Don Ankeny, Westcore’s president and CEO, says in a prepared statement that, “Over the past 24 months, Westcore has acquired debt and equity on over five million square feet of office and industrial space with a combined value of over $350 million. Our volume could have doubled with more facile capital. The alignment with Five Arrows will allow us to scale our company to take advantage of the tremendous opportunities we see in the market today.”
Andrew Silberstein, managing director of RRM, which acts as an advisor to Five Arrows, says “We are pleased to establish this relationship with Westcore Properties to support its growth. Westcore is a strong, vertically-integrated platform of seasoned real estate professionals with a 30-year track record of providing exceptional returns to its investors.” As part of the transaction, Brutten and Ankeny will join Silberstein and Matt Kaplan, managing partner of RRM, on the newly formed board of directors.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
