2015: Year of Strong Fundamentals
Westcore Properties CEO Don Ankeny tells us this year will be one of unusually strong fundamentals for OC: an improving economy, very healthy office and industrial demand, and virtually no spec development. “We'll continue to see steady absorption and rent growth, coupled with tightening vacancy rates,” he says, adding that his company’s going to look for value-adds as well as development and re-entitlement opportunities. Above is Don participating in the Challenged Athletes Foundation’s Million Dollar Challenge: a seven-day, 620-mile fundraising cycling tour from San Francisco to San Diego.
Last month, Westcore Properties acquired a Class-A office building and six-acre site in the city of Orange for $25M. The 98k SF building at 999 W Town and Country Rd is home to architecture and construction firm AECOM. Don says the site offers “intriguing” mixed-use redevelopment possibilities. The deal brings San Diego-based Westcore’s holdings in SoCal to 11.7M SF.