CONCORD, CA-Westcore Properties has purchased Concord Corporate Centre, a two-building class-A office campus totaling 346,747 square feet at 1320 and 1390 Willow Pass Rd. here. Financial terms of the transaction were not disclosed and Westcore could not disclose any further terms to GlobeSt.com at this time.
However, GlobeSt.com did learn from an unidentified source that the seller was Transwestern Investment Co. and the deal was for approximately $41 million. “Concord Corporate Centre is one of the top office projects in Concord and offers flexible and efficient floor plates, due to a center core configuration, that are ideal for smaller tenants,” explains Neil Johnson, managing director of acquisitions with Westcore’s Northern California office.
Johnson continues that “Westcore Properties recognized the opportunity to secure a class-A asset in a submarket that appears to be rebounding with 54,613 square feet of positive net absorption being reported for the quarter.” According to Johnson, Westcore will implement an “aggressive marketing and management program” to lease the remaining space available at Concord Corporate Centre. The company plans to retain current property management personnel.
Concord Corporate Centre, located just 31 miles east of San Francisco in Contra Costa County, is recognized as one of the most accessible office locations in the area with nearby access to Interstates 680 and 242, Highways 24 and 4, and the Bay Area Rapid Transit, according to a prepared statement. The property, labeled as an EPA Energy Star recipient for superior energy and environmental performance, is 58% leased.
Concord Corporate Centre offers abundant on-site parking, a large landscaped plaza with outdoor seating, and is within walking distance to restaurants, shopping and business services. The seven-story building located at 1320 Willow Pass was constructed in 1984, and the 10-story building located at 1390 Willow Pass was constructed in 1987. Both were renovated in 2002 and reflect similar architectural design including polished Italian rose granite bands with reflective glass windows. The buildings feature nine-foot ceiling heights, parabolic lighting and upgraded finishes throughout. Concord Corporate Centre offers unobstructed Mount Diablo views and high visibility from local freeways.
Tenants of Concord Corporate Centre include Pacific Bell Directory, Eichleay Engineers, SeaBright Insurance Co. and Gregory B. Bragg & Associates.
Westcore was represented by Ryan Huddlestun and Jim Blessing, principals with Waveland Financial. Tom Fehr, senior vice president of Cornish and Carey Commercial will continue to be responsible for the leasing at the property.
Lately, Westcore has been on a buying streak in the area. As GlobeSt.com previously published, the company just acquired the Greenville Business Center, a four-building class A industrial center spanning 475,099 square feet at Las Positas Rd. and Lawrence Drive in Livermore, CA from Property Reserve Inc. for $23.3 million. Also, the San Diego-based real estate investment firm further amplified its Northern California industrial portfolio with the all cash acquisition of Stockton Center Pointe for $22.9 million. The project is a class-A 508,800-square-foot warehouse-distribution building located on a 24-acre site at 1909 Zephyr St. in Stockton, CA.
Also, in recent months Westcore Properties has acquired five other Central/Northern California industrial parks totaling 906,020 square feet. As GlobeSt.com reported, it recently 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.
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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.
