CASE STUDY
Ground-Up Class-A Industrial Park Development, Fairway10, Sold for $126MM to an Open Ended Core Fund
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Westcore teamed with Opus Development and Opus Design Build in July 2020 on a three-building state of the art industrial project in the high-demand Phoenix sub-market of Avondale, AZ. Prior to breaking ground, the Westcore team executed a rapid three-week due diligence on the development opportunity and immediately began construction on the 720,317 SF development following the land acquisition.
Construction was completed in less than one year and leasing velocity was robust.
Driven by exceptional demand in both the industrial leasing and capital markets, the Westcore team opted to sell the asset prior to full-stabilization which was a deviation from the original business plan. The asset was sold December 2021.
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Fairway10 Capital Markets Brokers:
Land Acquisition
Bo Mills, KBC (previously of JLL)
Disposition
Will Strong, Cushman & Wakefield
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Fairway10 Leasing Brokers:
Marc Hertzberg, JLL
Tony Lydon, JLL
Riley Gilbert, JLL
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ARIZONA & COLORADO
Our Industrial Holdings Expand by 684,398-SF with Seven-Building, Multi-State Mountain West Portfolio Buy
Consisting of seven properties in Phoenix and Denver, the Mountain West Portfolio offers a purposeful solution to the growing demand for smaller-sized tenants in the industrial market.
Both Phoenix and Denver are extremely healthy industrial markets currently experiencing job growth and economic recovery, and properties in the Mountain West Portfolio will be in high demand among tenants.
Thank you to Will Strong and Greer Oliver of Cushman & Wakefield who represented the seller. Westcore represented itself alongside Jeff Conrad of Lee & Associates, Jackie Orcutt of CBRE in Phoenix and Drew McManus of Cushman & Wakefield in Denver.
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COLORADO
Aurora, Colorado Industrial Property Acquired for $33MM
Known as "Park 225", this approximately 143,000-square-foot industrial facility is a Class A, state-of-the-art property located in greater Denver, Colorado.
Positioned strategically along high-traffic freeways and interstates, the asset provides a unique site layout that directly meets current tenant demands. It is currently 57% leased to two tenants.
Westcore represented itself in this transaction, while Will Strong of Cushman & Wakefield represented the seller.
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TEXAS
Our Texas Portfolio Expands with 210,000 SF Cedar Park Port Acquisition
Situated in one of the nation's largest business parks, our Cedar Park Port acquisition adds significant square footage and four valuable industrial buildings to our portfolio.
The property is in close proximity to the high-traffic business center of the Port of Houston, and is easily accessible to freight and trucking groups.
Both NIT Industrial and Westcore represented themselves in this transaction.
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CALIFORNIA
Vista, California Industrial Property Sold to KKR
We finalized the sale of an industrial warehouse, Vista Commerce, to the global investment firm of KKR.
Located in Vista, CA and covering 197,000 SF, the 100% leased property offers quality and high-value position in a North County San Diego industrial market located in close proximity to the growing life sciences markets, complete with significant interior upgrades.
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ILLINOIS
From Zero (% Leased) to Hero: Mokena Corporate Center
Westcore initially acquired the two-building, 268,225 SF industrial property in December of 2020, and within ten months was able to sign four leases with high-quality clients to bring it to 100% leased. We are pleased to welcome FedEx, Atlas Putty Products, M&O Company and AMI Health to the Mokena neighborhood.
Thanks to Terry Grapenthin of Lee & Associates for his assistance with these transactions.
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Tiny, yet mighty tots join our family!
Join us in welcoming the tiniest new additions to our team! Congrats to parents Mike Metzger, Director of Acquisitions; Danny Tyson, Asset Manager and Jason Millar VP of Financial Planning & Analysis.
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Nor Cal Team Victors of Westcore Ryder Cup 2021
Pelican Hill Resort was the site of our annual Westcore Ryder Cup tourney , and it was a tight competition, coming down to the very last hole! Congrats to all who brought their A-game!
Team So Cal (Pink): Hack Adams, Westcore; Michael Mezger, Westcore; Danny Tyson, Westcore; Tyler Reed, Stream; Phil Haenel, Cushman & Wakefield; Steve Bellitti, Colliers; Chris Sheehan, Colliers; Bret Hardy, Newmark; Eric Cox, CBRE
Team Nor Cal (Blue): Don Ankeny, Westcore; Peter Mette, Westcore; Matt Wood, KBC; Mark Maguire, Colliers; Tom Damaschino, KBC; Sam Higgins, KBC; Kevin Hatcher, CBRE; Mike Goldstein, Colliers
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