Westcore Properties And Dune Real Estate Partners LP Sell Commerce Center At Buena Park

BUENA PARK, Calif., June 4, 2012 /PRNewswire/ -- A joint venture between affiliates of Westcore Properties and Dune Real Estate Partners LP have sold Commerce Center at Buena Park, a two-building industrial/cold storage facility located at 6535 and 6625 Caballero Blvd. The financial terms and name of the buyer were not disclosed.

"We acquired the property in 2009 at a time when there was a finite supply of cold storage facilities in the greater Southern California market and converting dry warehouse space to cold storage is extremely cost prohibitive," said Don Ankeny, Westcore Properties' president and CEO. "Through our hands-on approach to asset management, we were able to renew 100 percent of the tenants and stabilize the project with long-term leases."

The 84,600-square-foot building located at 6625 Caballero Blvd is fully leased to Legacy Farms. The 140,000-square-foot building at 6535 Caballero Blvd has cold storage and freezer capacity, as well as manufacturing capabilities, and is fully occupied by Fresh Food Concepts.

In the transaction, Darla Longo, Barbara Emmons, Art Rasmussen and Rick McGeagh of CBRE represented the buyer and seller.

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, Orange County and Denver. The firm's European offices are located in Geneva, Switzerland and London, England.

About Dune Real Estate Partners
Dune Real Estate Partners LP (or "Dune") is a real estate investment advisory firm which provides investment advisory services to opportunistic private equity investment vehicles focused on real estate and real estate-related investments.  Dune manages over approximately $2.6 billion of assets and generally targets distressed opportunities, underperforming and undervalued assets and value creation opportunities in a broad range of real estate and real estate-related investments worldwide, including, single assets, portfolios, joint ventures and operating companies as well as real estate-related loans and debt securities. 

Contact: Sandra Grove
Grove Media
858-565-1905
[email protected]

SOURCE Westcore Properties