Westcore Properties and CT Realty Venture Sells HP-Occupied 1.4-Million-Square-Foot Distribution Center
SAN DIEGO, Sept. 22, 2011 /PRNewswire/ -- A partnership including Westcore Properties, CT Realty Investors, PCCP, LLC and Behringer Harvard has sold Cajon Distribution Center, a 1.4-million-square-foot project located at 7010 and 7140 North Cajon Blvd. in San Bernardino that is fully leased to Hewlett Packard, to Invesco Real Estate and its client. Financial terms were not disclosed.
The sale comes just over one year after the Westcore and CT Realty venture, which also includes PCCP, LLC and Behringer Harvard, acquired the project for an undisclosed amount. Six months later, Hewlett Packard signed a seven-year lease for the entire project in what was one of the largest industrial leases in terms of square footage to have ever occurred in the Greater Los Angeles market.
"We recognized the void that existed in the Inland Empire Big Box market," said Don Ankeny, president and CEO of San Diego-based Westcore Properties. "This sale of Cajon Distribution Center reflects the culmination of our successful repositioning strategy that began with the acquisition of the project in 2010, followed by a pro-active and hands on leasing strategy that resulted in Hewlett Packard's substantial commitment and ultimately to the Class A asset's sale to a core buyer. We are very appreciative to CT Realty Investors for their vital contributions to the success of this venture, and we congratulate Invesco and its client for the acquisition of a state-of-the-art project."
According to James "Watty" Watson, president and CEO of Aliso Viejo-based CT Realty Investors, "The sale of the Cajon Distribution Center was a strategic partnership decision based on the extraordinary value of the Hewlett Packard income stream combined with the quality nature of the product. There was incredible demand from quality investors for this Inland Empire asset."
Cajon Distribution Center is an institutional quality Class A industrial park that offers functional space, a leading edge cross dock configuration, and a premier Inland Empire location with access to major Southern California traffic arteries including the 215, 210, 10 freeways and Interstate 15. Corporate neighbors include FedEx, Target, Kohls, Mattel, Home Depot and Smuckers.
In the transaction, both the seller and the buyer were represented by Darla Longo and Barbara Emmons of CB Richard Ellis.
Westcore Properties, which owns and manages a 12-million-square-foot commercial real estate portfolio valued in excess of $1.2 billion, has been actively acquiring institutional quality industrial buildings. Over the last 12 months alone, the company has purchased over 2 million square feet of industrial buildings in California and has an additional 500,000 square feet scheduled to close by the end of the year.
CT Realty Investors owns and manages a significant portfolio of industrial, office, multi-family and self -storage properties mostly in California. CT Realty has purchased over 4 million square feet of industrial buildings and multiple apartment properties over the past year as well as a portfolio of non-performing loans.
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. For further information, contact Don Ankeny, president and CEO of Westcore Properties at 858-625-4100 ext. 275.
About CT Realty Investors
Since its establishment in 1994, CT Realty Investors (www.ctrinvestors.com) has completed more than 150 transactions with value in excess of $2.5 billion through a series of 10 independent discretionary private equity real estate funds. The company continues to invest in institutional quality commercial real estate properties, debt instruments, multifamily properties and other income producing assets. In addition, the company provides equity financing through strategic partnerships with investors in Southern California. The focus of CT Realty's investment activities is to acquire well-located assets with the potential to enhance their value through a solid, hands-on approach.
About PCCP, LLC
PCCP, LLC is a premier real estate private equity firm focused on commercial real estate debt and equity investments. PCCP has over $6 billion under management in multiple closed-end funds and joint ventures with institutional investors. With 33 investment professionals and 55 employees across four offices located in New York, San Francisco, Sacramento and Los Angeles, PCCP invests throughout the United States. Learn more about PCCP at www.pccpllc.com.
About Behringer Harvard
Behringer Harvard creates and manages global institutional-quality investment programs for individual and institutional investors through its real estate investment trusts, joint ventures and proprietary program structures. The company also offers strategic advisory, asset management and capital market solutions. Behringer Harvard has interests in or manages more than $10 billion in assets. For more information, contact our U.S. headquarters toll-free at 866.655.3600 or our European headquarters at 011 49 40 34 99 99 90, or visit us online at www.behringerharvard.com.
About Invesco Real Estate:
Established in 1983, Invesco Real Estate manages $45.4 billion of real estate investments, which includes $26 billion in direct real estate portfolios and $19.4 billion in real estate securities (as of June 30, 2011). With more than 310 employees in 16 offices worldwide, the group focuses on top-down market and property type fundamentals combined with bottom-up local market intelligence. Senior members of the management team have worked together for more than 23 years, contributing to the consistent implementation of Invesco's investment strategy and resulting performance. Dallas-based Invesco Real Estate is a unit of Invesco Ltd., a leading independent global investment manager dedicated to helping investors worldwide achieve their financial objectives. By delivering the combined power of our distinctive investment management capabilities, Invesco provides a wide range of investment strategies and vehicles to our retail, institutional and high net worth clients around the world. Operating in more than 20 countries, the company is listed on the New York Stock Exchange under the symbol IVZ. Additional information is available at www.invesco.com and www.invescorealestate.com.
CONTACT: |
Sandra Grove/Tara Peters |
|
For Westcore Properties |
||
858-565-1905 |
||
SOURCE Westcore Properties
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article