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Westcore Properties Continues Selling Industrial Properties, Latest Fetches $104M

PS Business Parks in Santa Fe Springs

A 543K SF Santa Fe Springs industrial business park has sold for $104M.

After two decades of ownership, San Diego-based Westcore Properties sold the 10 building, multi-tenant office PS Business Parks to Hathaway II LLC, according to commercial real estate data site Reonomy

The multi-tenant office park is fully occupied, according to brokers. 

CBRE’s Darla Longo, Barbara Perrier and Eric Cox represented Westcore. 

The PS Business Parks are a collection of 10 buildings on 27 acres of land. The buildings are located at 11811-11831, 11947, 11975 East Florence Ave., and 10510, 10513, 10545, 10551, 10604, 10631, 10637, 10702 Hathaway Drive.

The sale of the PS Business Parks comes a month after Westcore announced it had sold a multi-state industrial portfolio totaling 6.35M SF to Stockbridge Capital Group. The price was not disclosed. 

In that deal, Westcore unloaded 26 industrial assets across nine submarkets in five states, including California, Arizona, Nevada, Utah and Indiana. 

Westcore officials in a news release said the portfolio was nearly 100% leased to big-box and last-mile providers tenants.

Eastdil Secured’s Stephen Silk, Jay Borzi and Adam Pastor represented Westcore  in that sale. Stockbridge Capital represented itself.  

A Bisnow request for comment on what is driving the sale of the industrial properties was not replied to as of press time.