Westcore Takes $45M Park In Value-Add Play

(Save the dates: RealShare Apartments comes to the Westin Bonaventure, Los Angeles, October 24, RealShare Net Lease West comes to The California Club, Los Angeles, November 1 – 2, and RealShare Industrial 2012 comes to The Banker’s Club, Miami, December 5 – 6.)

FREMONT, CA-San Diego-based Westcore Properties has acquired Kato Industrial Park here for $45.6 million from New York Life Investments (formerly McMorgan Co.), dba LDF1 LLC. The purchase of this four-building, 673,177-square-foot property, which sits on 41.96 acres at 47400, 47422, 47444 and 47550 Kato Rd., boosts the company’s commercial real estate portfolio to 12.7 million square feet. Westcore plans to implement a number of capital improvements and upgrades to the project to enhance its marketability. Currently, the property is 62% leased to tenants including JC Paper Company, San Francisco Herb & Natural Food Company and Stats ChipPAC Inc. In the transaction, the seller was represented by Darla Longo and Barbara Emmons of CBRE, while Westcore represented itself.