UNION CITY, CA—Westcore Properties has sold Central Plaza, a fully stabilized 171,000 square foot multi-tenant industrial, office, and retail park in Union City to Terreno Realty.
Additionally, Westcore has entered into a forward commitment to sell Central Pacific, a 300,000 square foot class A Industrial development currently under construction with scheduled completion in March 2015 to Terreno. The two properties are on contiguous parcels totaling approximately 471,000 square feet situated on 26.5 acres.
Westcore acquired Central Plaza in April 2012 when the Park was 35% vacant. Substantial capital improvements were performed and the property is now full stabilized and 100% occupied. Central Pacific was the former San Francisco Chronicle printing facility which Westcore acquired from the Hearst Corporation in September 2013. The former plant was demolished in July 2014 to make way for the class A development that is currently under construction with completion scheduled for March 2015.
Westcore was represented on the acquisition and disposition of both properties by Kevin Hatcher, SIOR and Mark Maguire of Colliers International in Oakland. The combined properties will consist of five institutional-quality industrial distribution buildings containing approximately 434,000 square feet, one multi-tenant flex retail building totaling approximately 16,000 square feet, and one multi-tenant flex office building totaling approximately 21,000 square feet. The properties are located on Alvarado-Niles Boulevard and Central Avenue in Union City approximately one mile east of Interstate 880 in the heart of the east bay industrial market. The acquisition increases Terreno Realty Corporation's Bay Area industrial portfolio to approximately 1.35 million square feet according to the company's website.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
