SAN DIEGO, Aug. 28, 2012 /PRNewswire/ -- Westcore Properties, an international owner and operator of institutional industrial and office properties, announces that it has secured $70 million in permanent financing for four newly acquired assets located in Northern and Southern California.
Combined, the recently purchased properties totaling nearly 1 million square feet and reflect the San Diego-based company's strategy of acquiring quality, well-located infill assets and repositioning them for strong future upside.
"Given the current instability of the global financing markets, Westcore's ability to obtain financing from money center banks such as Bank of America, Wells Fargo and US Bank in a short-time frame is outstanding," said Marc Brutten, chairman and founder of Westcore Properties.
According to Don Ankeny, Westcore's president and CEO, "The acquisition and immediate financing of these projects totaling almost 1 million square feet is a significant accomplishment for our company which is aggressively working to double in size over the next 12 months."
The projects financed included Central Plaza, a three-building, 150,000-square-foot industrial project in Union City that was acquired for $13 million; Westlake Center, a 45,000-square-foot office building in Encinitas purchased for $6.8 million; Salt Lake Industrial Park, a 132,000-square-foot project in City of Industry purchased by Westcore in a short sale for $9.5 million; and Kato Industrial Park, a 625,000-square-foot, four-building industrial park in Fremont, Calif., that was just purchased for $45.6 million.
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 more than 550 buildings totaling over 26 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.
SOURCE Westcore Properties