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.”
Westcore Poway Plaza, 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 Poway Plaza in Poway, CA for $8.4 million. The five buildings total 74,060 square feet on 6.5 acres of land. The seller was Orange County-based Spa Holdings, LLC. Pete Bethea, John Jennings and Rob Ippolito of the San Diego office of Burnham Real Estate Services represented the buyer and the seller in the transaction. HSBC Bank was the buyer’s lender.
Poway Plaza is located in the heart of the City of Poway on Poway Road, its cross street is Silver Lake Drive. The Plaza is anchored by Rite-Aid, with additional tenants that include KFC, Subway, Primo Day Spa, Hallmark and Nutri-Mart. Leasing activity has been strong with 12,000 square feet being leased during escrow to K-5 Boardshop and Water for Life. Poway Plaza has a 15 percent vacancy, while the local market vacancy is only three percent. Westcore will facilitate renovations to the center, which will include landscaping and architectural improvements to the center’s façade.
“Poway Plaza represents a rare value-add retail opportunity in San Diego,” said Pete Bethea, principal of Burnham's Retail Advisors. “Westcore possesses the local expertise to take advantage of the re-merchandising and tenanting opportunities that currently exist. Westcore plans on investing $500,000 toward upgrading the physical plant, a key component to executing its strategy. We're excited to continue our work with them on the project.”
Bethea added that the location of the retail center has a strong residential base, and believes that its current “healthy-lifestyle” tenants will attract other tenants in complimentary retail categories.
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