According to James "Watty" Watson, president and CEO of Aliso Viejo-based CT Realty Investors, "The sale of the Cajon Distribution Center was a strategic partnership decision based on the extraordinary value of the Hewlett Packard income stream combined with the quality nature of the product. There was incredible demand from quality investors for this Inland Empire asset."

In the transaction, both the seller and the buyer were represented by Darla Longo and Barbara Emmons of CB Richard Ellis.

The acquisition of the Greenville Business Center was the fifth industrial property acquisition in Northern California for Westcore in four months. This most recent transaction brings the total square footage of industrial projects newly acquired by Westcore in the East Bay and greater Sacramento region to 1.3 million square feet.

Located at Lawrence Drive and Las Positas Road, Greenville Business Center has recently undergone several capital improvements including roof replacements on three of the project’s four buildings, exterior paint and asphalt slurry. The multi-tenant project comprises 18 warehouse/distribution units and is 37% leased.

Neil Johnson, principal and director of acquisitions with Westcore Properties' Northern California office, says that the company "recognized the potential this property holds given its recent capital improvements, multi-tenant space options and ideal location in theLivermore submarket." Johnson noted that the Livermore industrial submarket comprises 60% of the 29.2 million square feet of industrial space in the greater Tri Valley region.

The center occupies a 24.81-acre site one mile south of Interstate 580. Brett Holden of Lee & Associate's Northern California office represented Westcore Properties and the seller, Property Reserve Inc., in the transaction. He will also handle marketing efforts for the project.