Westcore's Big Concord Sale
Westcore Properties has just completed a $55M sale in Concord, capping a seven-month, $91M flurry of transactions in the Bay Area for the company. (Does that entitle them to a seven-month nap? Is that how that works?) A JV of Prudential Insurance Co and Montgomery Advisors snapped up Westcore's two Class-A office buildings at 1320-1390 Willow Pass Rd in the deal. Mid-city locations like Concord and Union City are in high demand for buying, selling, and leasing, says Westcore CEO Don Ankeny. It's a competitive landscape for new deals, he says, with a lot of money looking for a home in real estate. Westcore prides itself on having relationships with owners, brokers, and bankers, which sometimes means the firm gets an early look on opportunities. The goal is getting good risk-adjusted return on the capital he invests.
Here's the 347k SF complex, which sits about 31 miles east of S.F. and boasts access to freeways, interestates, and BART. (Easy access and a nice place to picnic if you like to watch traffic jams.) Westcore was repped by Cushman's Grant Lammerson. We got Grant on the phone yesterday, who tells us the process was very competitive with other bidders at the table. The $55M price tag was a good value for the buyer, he notes. There is some vacancy on site, with lots of smaller 10k to 15k SF tenants inside.
An update on the Westcore buy we were first to report on in March: We now know that Dreyer's ice cream plant in Union City (pictured; the property consists of two adjacent buildings) went for $8.1M. (Hear that kids? $8.1M is all you need to have all the ice cream you want.) The 115k SF warehouse and manufacturing facility sits at 1250 and 1590 Whipple Rd. Westcore is getting ready to amp up development in the Bay Area, with a Class-A industrial project about to break ground June 3 at the corner of Pacific and Central, Don tells us.