Westcore Acquires Final Properties at Business Park

Irvine, CA

BUENA PARK, CA—Westcore Properties has acquired the two remaining properties at Village Business Park in Buena Park, CA, giving Westcore control of the entire 442,283-square-foot campus. This month, Westcore added the two-story office buildings located at 7000 and 7001 Village Drive , acquiring the properties from LBA Realty for an undisclosed sum. The buildings total 141,387 square feet of space and are fully leased to 11 tenants. Westcore will perform exterior and interior upgrades to the 7000 Village Drive building and expects to bring one of the building’s large office suites to market later this year. “An office property with a 6:1000 parking ratio, let alone one with large blocks of space in a tightening office market, is a strategic investment for us,” said Hack Adams , senior vice president at Westcore Properties. “We feel very positive about Orange County’s rebounding office market, and we see an opportunity to add value at Village Business Park with the coming vacancy in the 7000 building.” The previously-acquired portion of Village Business Park is a mix of industrial/R&D and data center buildings, and, except for one small vacancy of 6,000 square feet, is fully leased. Jeffrey Cole, Jeff Chiate and Ed Hernandez from Cushman & Wakefield represented LBA in the sale of the 7000 and 7001 Village Drive properties. Westcore Properties is a global, entrepreneurial commercial real estate investment firm with a specialized focus in western United States commercial and industrial properties. Since its founding in 2000, Westcore Properties and its affiliates have acquired and managed more than $4 billion in industrial and office assets, comprised of more than 750 buildings and totaling over 35 million square feet.