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Westcore Properties Sells Northern California Trophy Industrial Development to Prologis
MILPITAS, Calif., Jan. 29, 2016 - Cushman & Wakefield has brokered the sale of a 499,200-square-foot, nine-building manufacturing portfolio in Milpitas. The commercial real estate services firm's San Jose, Calif.-based investment specialists Eric Fox, Steve Herman and Robert Gilley represented both the seller, Westcore Properties, and the buyer, Prologis, Inc.
Located at 637 to 1177 Gibraltar Drive, the nine buildings are fully occupied by a supply chain solutions company. The company, which employs 200,000 around the world, had extended its lease for the entire portfolio in the summer of 2014.
"The site is known as the Silicon Valley Customer Innovation Center," said Fox. "Much of the tenant's large-scale manufacturing is done elsewhere, but Silicon Valley has more of a focus on showcasing innovation.
"There was considerable enthusiastic interest in this project when it became available, and ultimately, from a buyer-seller standpoint, Westcore and Prologis worked very well together to complete this notable transaction," said Fox.
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Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. The firm's 43,000 employees in more than 60 countries provide deep local and global insights that create significant value for occupiers and investors around the world. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.