Westcore Properties Acquires Class A Office Campus

Company Purchases Concord Corporate Centre near San Francisco

Nov 03, 2011, 16:10 ET from Westcore Properties

CONCORD, Calif., Nov. 3, 2011 /PRNewswire/ -- Westcore Properties announces that it has purchased Concord Corporate Centre, a two-building Class A office campus totaling 346,747 square feet at 1320 and 1390 Willow Pass Rd., in Concord, Calif. (94520). Financial terms of the transaction were not disclosed.

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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 (BART).  The property, labeled as an EPA Energy Star recipient for superior energy and environmental performance, is 58 percent leased.

"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," said Neil Johnson, managing director of acquisitions with Westcore Properties' Northern California office.  "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 Properties 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 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 Company and Gregory B. Bragg & Associates.

Westcore Properties 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.

About Westcore Properties:

Westcore Properties (www.westcore.net) is a private, entrepreneurial commercial real estate investment firm with a specialized focus in the western United States and key European markets. Since its founding in 2000, Westcore Properties and its affiliates have acquired and managed more than $3.9 billion in industrial and office assets comprised of 550 buildings totaling over 25 million square feet. In addition to its U.S. headquarters in San Diego, Westcore Properties has regional offices in San Francisco and Denver. The firm's European offices are located in Geneva, Switzerland and London, England.


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SOURCE Westcore Properties