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Westcore Properties, LLC AND LONGWING Acquire SAN DIEGO AREA PROPERTIES TOTALING $18.25 MILLION
SAN DIEGO, CALIF., January 19, 2004 – Westcore Properties, LLC, a Southern California-based entrepreneurial real estate investment company has completed two San Diego area acquisitions with Longwing Real Estate Ventures, LLC, totaling approximately $18.25 million. The properties include two retail properties: Poway Plaza in Poway, CA for $8.4 million and L.A. Fitness located within Poway Plaza in Poway, CA for $7.4 million.
“Westcore’s acquisition activity has been aggressive, and we see no sign of this activity slowing down,” said Marc Brutten, president and CEO of Westcore Properties. “Even in a seller’s market, we have been successful at identifying properties where the long term rewards outweigh any short term risk.”
Within Poway Plaza, Westcore Poway LAF, LLC, an affiliate of Westcore Properties, LLC, and its partner in the transaction, Longwing Real Estate Ventures, LLC, acquired L.A. Fitness for $7.4 million from San Diego-based QFO, LLC.
The 40,567-square-foot fitness center is located on 3.5 acres of land. The building was recently converted from a supermarket. The tenant invested $1.5 million into the renovation, transforming the building into a state-of-the-art fitness center that includes a lap pool, sauna, lockers as well as indoor basketball, volleyball and racquetball courts.
The buyer and seller had no broker representation on this transaction. Steve Delong of California Bank & Trust coordinated financing for the buyer.
“The L.A. Fitness purchase complimented our Poway Plaza acquisition,” said Brutten. “The strong tenant cash flow and opportunity to own the property at below replacement cost created an ideal situation for us.”
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