Westcore Acquires 3.5M SF Industrial Portfolio in California

Westcore Properties has acquired from MEPT a 3.5M SF industrial portfolio encompassing 16 buildings in three California cities, all fully leased.

The property, known as the Odyssey Portfolio, is located in Livermore, a Bay Area community in Alameda County; Valencia, a suburb of Santa Clarita; and Chino, in the Inland Empire. Eastdil Secured assisted the seller and Westcore represented itself in the acquisition.

The portfolio comprises nine single-tenant buildings in Chino encompassing 1.5M SF; four buildings in Valencia encompass 743K SF, occupied by five tenants; three buildings in Livermore encompass 1.3M SF, leased to two tenants. The buildings in the Odyssey Portfolio are Class A, A- and B+ properties.

The buildings are used as warehouses, distribution facilities and light manufacturing facilities. Financial terms were not disclosed.

With the acquisition, Westcore’s AUM in the US has grown to more than 25M SF.

According to its website, San Diego-based Westcore focuses on value-add, last-mile, logistics, distribution, e-commerce and multitenant industrial properties in key infill markets across the US. The company aims for portfolio acquisitions and transactions greater than $10M.

Westcore works with a network of brokers to create “long-term, mutually profitable partnerships” and “has a track record of quickly capitalizing on opportunities others overlooked,” according to the website.

Westcore also has been busy this year expanding its industrial footprint in Texas. Earlier this month, Westcore acquired a 520K SF industrial campus, Railhead Business Station, in Fort Worth, from BentallGreenOak.

The four-building industrial complex is located at 401, 500, 600 and 800 Railhead Road. The facilities feature 24-foot clear heights, ESFR sprinkler systems and refrigerated storage options.

The property was fully leased at the time of the sale, with tenants including Johnson Controls, Innovative Business Services, Aero Performance and Fastenal.

The 27-acre Railhead Business Station sits within the 366-acre Railhead Industrial Park in proximity to Interstate 35W and Loop 820. The property is two miles from Fort Worth Meacham International Airport.

In July, Westcore acquired the Rockwall Distribution Center, a 301K SF Class A industrial building in Rockwall, TX from Stream Realty Partners.

In April, Westcore purchased Buildings 1, 2 and 4 at North Quarter 35 in Fort Worth from M2G Ventures. The three buildings, encompassing 485K SF, were fully leased at the time of the sale.