CBRE announced that it has arranged a $46.7 million loan on behalf of Westcore Properties for the firm’s purchase of a four-property industrial portfolio in the Western United States.
Mark McGovern, Brian Cruz and Colby Matzke of CBRE’s Debt and Structured Finance team in San Diego arranged the loan on behalf of Westcore, a San Diego-based real estate investment firm that focuses primarily on industrial assets.
The properties total 704,065 square feet and are located in prime distribution corridors across the western United States. The assets are located at 14101 E. Otero Avenue in Englewood, Colo., 19516 S. Susana Road in Compton, Calif., 1551 South Fresno Avenue in Stockton, Calif., and 4455 W. Camelback Road in Phoenix, Ariz. The properties have a combined vacancy rate of over 50 percent, providing a value-add opportunity to reposition the space for new tenants.
“This industrial portfolio consists of both high quality, state-of-the-art industrial buildings along with older, very functional buildings,” said Mr. McGovern. “Westcore will institute a capital improvement program and move quickly to lease and stabilize the portfolio.”