Westcore Properties and DRA Advisors Close $600 Million Industrial Acquisition

SAN DIEGO, Dec. 20, 2012 /PRNewswire/ -- Westcore Properties has increased its U.S. commercial real estate holdings to more than 24 million square feet with its purchase of an 11.1-million-square-foot industrial portfolio in California and the Midwest from the Joe Benvenuti Company.  Benvenuti passed away in May 2012.

The $600 million transaction is the largest industrial real estate acquisition in California in 2012 and the second largest industrial acquisition in the U.S. over the same period, according to Jones Lang LaSalle.

Westcore acquired the properties in a joint venture with a fund managed by DRA Advisors LLC, a New York-based investment advisor. DRA has acquired $1.8 billion in real estate in 2012, across the retail, office, multi-family and industrial sectors in the U.S.   

"We have been long- term believers in industrial markets supported by ports and agri-business, which has led us to invest heavily in greater San Francisco as well as the San Joaquin and Central Valley areas of Northern California," said Marc Brutten, Chairman and Founder of Westcore Properties.  "This acquisition gives us a strong foothold in Sacramento, a stabilizing market that has an outstanding distribution and transportation network."

"DRA has always been an active investor in industrial space, typically acquiring individual, value-added opportunities," said David Luski, President of DRA Advisors.  "We are pleased to have made two larger portfolio acquisitions in the sector this year, as we like the cash flow attributes and opportunity to add value operationally, while benefiting from improving market conditions."

The 110 buildings acquired by Westcore and DRA in the transaction include 8.0 million square feet in Sacramento, as well as 1.9 million square feet in St. Louis and 1.0 million square feet in Indianapolis. 

"The acquisition of such a sizeable portfolio of institutional-grade industrial properties in core West Coast markets underscores our commitment to growing our base and scope of operations into a regional powerhouse," said Don Ankeny, Westcore Properties' president and chief executive officer.

Westcore Properties has a strong track record of successfully repositioning underperforming assets through strong leasing and management strategies.   

"This acquisition brings a diversity of building types, from multi-tenant to flex to bulk, that allows us to incubate the future growth of our tenants in a closely held environment," said Neil Johnson, Westcore's managing director of acquisitions.  

In the transaction Westcore Properties, DRA and the seller, JB Properties, were represented by Mark Demetre, Bill Niethammer, Matt Lofrano and Mike Zimmerman of Jones Lang LaSalle's Sacramento office.

About Westcore Properties
Westcore Properties (www.westcore.et) 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.

About DRA Advisors LLC
DRA Advisors LLC is a New York-based registered investment advisor specializing in real estate investment management services for institutional and private investors, including pension funds, university endowments, foundations, and insurance companies.  Founded in 1986, the firm currently manages over $10 billion in assets, including 16 million square feet of office space, 21 million square feet of industrial properties, 20 million square feet of retail space and 43,000 residential units.  Additional information about DRA can be found on the company's website at www.draadvisors.com.

SOURCE Westcore Properties