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December 4, 2020
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Westcore Buys 3.1 msf TX Property Portfolio from Stonelake Capital Partners


Westcore picked up a 35-building, three-city portfolio in Texas from Dallas-based Stonelake Capital Partners. Comprising 3.1 msf, the acquisition consisted of 16 industrial parks located in Dallas, Houston and San Antonio.

The tri-city portfolio is 93% leased to 95 diverse tenants. Westcore plans exterior cosmetic renovations, roof upgrades and addressing some deferred maintenance throughout its anticipated long-term hold of the portfolio. The firm will open an office in Dallas or Houston, where the lion’s share of the industrial parks are located.

Jack Fraker and Jonathan Bryan of CBRE represented Stonelake Capital Partners, while Westcore represented itself. The price was not given out.

“Entering the Texas market is part of our strategic plan, as Dallas and Houston are two of our nation’s largest and best performing industrial markets,” said Don Ankeny, president and CEO at Westcore. “This portfolio of quality, infill industrial parks allows us to gain a large foothold in multiple major markets where we plan to expand our presence.”

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