Reporter- San Francisco Business Times
Westcore Properties continues making buying and trading Bay Area real estate. The San Diego-based investor specializes in value-add deals in both office and industrial markets and has bought and managed more than $3.9 billion worth of assets since its founding in 2000.
In the Bay Area, the company owns office buildings like the 24-story, former Clorox headquarters at 1221 Broadway in Oakland that it bought for $110 million in 2012 and a 163,221-square-foot former San Francisco Chronicle newspaper printing plant in Union City, which it plans to tear down to make room for 300,000 square feet of new industrial space.
“Our team has been hard at work in the San Francisco Bay Area. Assets in the mid-city locations, like Concord and Union City are in high demand for buying, selling and leasing commercial real estate right now,” said Don Ankeny, president and CEO of Westcore.
The firm bought numerous properties, many distressed, during the economic downturn in the Bay Area — it spent $169 million in the region in 2012 alone. Distressed deals are harder to find these days, but Westcore still finds ways to improve assets.
In a recent deal, Westcore sold a 347,000-square-foot, two-building office complex at 1320-1390 Willow Pass Road in Concord for $55 million to Prudential Insurance Company of America and Montgomery Advisors. The seller was represented by Grant Lammersen of Cushman Wakefield and the buyer by James Clifford of Montgomery Advisors.
Westcore bought the property in late 2011 through a note sale, leased up empty space to get to more than 80 percent occupied and then sold it.
Blanca Torres covers East Bay real estate for the San Francisco Business Times.