Westcore Summer Sell-off Hits $123M in Properties
Westcore has divested itself of $123M in SoCal industrial and office properties in the past two months. (Everyone slims down for bikini season.)
Westcore Properties sold the 115k SF Westcore Executive Center in San Juan Capistrano to a private buyer for almost $24M, following a four-year stabilization. Westcore Properties chairman Marc Brutten tells us they chose to sell because of the leasing success (it's now at 85%) and positive trends in the South Orange County office market overall. Marc isn’t just a real estate whiz: here he’s atop the podium, as the winner of a jiu jitsu championship.
Westcore bought the vintage ’07 property at 29122 and 29222 Rancho Viejo Rd out of foreclosure in ’10 when occupancy was at 30%. Tenants include Cosco Fire Protection and Global Financial Data, who enjoy an unusual amenity: an outdoor central courtyard with a 30-foot steel wooly mammoth sculpture by SoCal artist Danny Salzhandler. (If someone wants to argue good amenities are extinct, let this be exhibit A.) Cushman & Wakefield's Jeff Chiate, Jeff Cole, Ed Hernandez, and John Gallivan repped Westcore Properties.