WESTCORE AND LONGWING LLC SELL INDUSTRIAL/FLEX BUILDINGS FOR $25.2 MILLION IN CARSON, CALIFORNIA
CARSON, CALIF., July, 2005 – Westcore Properties, LLC, a California-based real estate investment company, and Longwing Real Estate Ventures, member of the Dubai Investment Group, have sold Centre Pointe, a three-building industrial/flex complex, for $25.2 million to Santa Barbara-based Seacliff Land, LLC. The center totals 184,374 square feet, is situated on 9.9 acres, and is located at 101 – 152 W. Walnut Ave.near the major cross street of Main St.in Carson, Calif.
Kevin Shannon and Scott Schumacher of Grubb & Ellis represented Westcore Properties in the transaction. Scott Collier of Granite Peak Partners represented the buyer.
Centre Pointe, which includes two mezzanine R&D buildings and one single-story industrial building, is 98 percent leased. The major tenant in the project is the Western Regional Headquarters for Canon Business Solutions, which occupies 54 percent of the complex.
Westcore Properties purchased Centre Pointe and invested approximately $500,000 in property improvements, which included a new roof, lot improvements, hardscape improvements, the installation of an elevator in one of the buildings for easier accessibility, renovation of the vacant suites and hallway and lobby areas. The company invested another $650,000 in tenant improvements and leasing commissions.
“This transaction is indicative of the continued strong investor demand for high-quality industrial/flex property located in the infill submarkets in Southern California,” said Owen Frost, chief investment officer for Westcore Properties. “The Westcore team upgraded the property efficiently and made all the vacant spaces ready to lease. Grubb & Ellis did a wonderful job leasing the property bringing the asset to stabilization, sooner than expected.”
Since January 2005, Westcore Properties has closed in excess of $375 million of property transactions. The company plans to invest $500 million this year in industrial, retail and office properties in California and the Western United States.
Westcore Properties, LLC and Longwing Real Estate Ventures, LLC Acquire property in CARSON for $15.9 MILLION
CARSON, CALIF., December 9, 2003 – Westcore Carson LLC, an affiliate of Westcore Properties, and its partner in the transaction, Longwing Real Estate Ventures, LLC, a New York-based private real estate investment company, acquired property in Carson, CA together. The industrial / flex buildings at Centre Pointe were purchased below replacement cost for approximately $15.9 million from Employees’ Retirement System of the State of Hawaii. The three-building complex totals 184,374 square feet on 9.9 acres and is located on Walnut Street at Main. Richard Plummer and Andrew Harper of Cushman & Wakefield’s Downtown Los Angeles office represented both the buyer and the seller.
The complex is 90 percent occupied and includes two mezzanine R&D buildings and one single-story R&D building. The major tenant is the Western Regional Headquarters for Canon Business Solutions, which occupies 55 percent of the facility.
“Westcore was attracted to the solid tenancy of Canon as well as the upside to leasing the ten percent vacancy,” said Gary Katz, director of acquisitions for Westcore Properties. “We plan on investing approximately $500,000 in tenant upgrades which will make the vacant space more desirable to prospective tenants.”
Katz added that the renovation will include the installation of an elevator in one of the buildings for easier accessibility as well as the renovation of the vacant suites and lobby areas.
"We're delighted to partner with Westcore in the Carson transaction,” said Vincent Pica, Chief Executive of Longwing Real Estate Ventures. “We have a history of a successful investment partnership with Westcore’s principals and we look forward to seeing that relationship continue as part of a strategic acquisition program together.” Marc Brutten, president and CEO of Westcore Properties, said, "This property is a strategic acquisition for Westcore."
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