COMMERCE, Calif., June 4, 2012 /PRNewswire/ -- A joint venture between affiliates of Westcore Properties and Dune Real Estate Partners LP have sold Garfield Business Center, a 545,299-square-foot multi-tenant industrial/R&D park located on Garfield Avenue in Commerce, Calif., to Terreno Realty Corp. of San Francisco for $52,400,000.
"We acquired this well-located, infill industrial project in February 2009 when the capital markets were frozen," said Don Ankeny, Westcore Properties' president and CEO. "Since acquisition, we have executed on our business plan, which included several capital improvements along with active asset management and leasing, which generated in excess of a half-million square feet of leases. The result of these efforts produced a stabilized and highly desired asset in one of the best industrial markets in the county."
Garfield Business Center is located one block from Interstate 5 in the Los Angeles submarket of Commerce and within 20 miles of the Ports of Los Angeles and Long Beach. The park, which offers flex and industrial space, is rail-served by the Commerce Metrolink Station. Buildings offer dock-high and grade-level doors, 21-24-foot clear ceiling height, and suites ranging in size from 2,000 to 150,000 square feet.
Garfield Business Center is well leased to a variety of tenants including Malarkey Roofing, Hilti, Jam N Logistics and U.S. Healthworks. Leasing is being handled by the CBRE team of John Privett, Cameron Merrill and Jeff Stephens of CBRE.
In the transaction, Darla Longo and Barbara Emmons 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 LP
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.
SOURCE Westcore Properties