Westcore Bets Big on Class-B Industrial
In SoCal industrial, infill is hot, Westcore Properties SVP of acquisitions and leasing Hack Adams tell us. Recently Westcore acquired an infill industrial portfolio from MetLife for more than $69M. The play is value-add. “We want to take advantage of the continued strength in the Class-B industrial markets of the Inland Empire and Orange County,” Hack explains. “We're bullish on these submarkets and look forward to implementing our value-add initiatives for each property.”
In Orange County, the buildings are in Buena Park (7100, 7050, 7051, 7101 and 7150 Village Dr), a 300k SF business park consisting of four multi-tenant/single-tenant light industrial buildings and one single-tenant data center constructed in 1980 and 1981, respectively. The property is 99% leased to 15 tenants, including Isuzu Motors and Hochiki America Corp. In the overall transaction, MetLife was repped by CBRE's Darla Longo and Barbara Emmons.