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6/09/20
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Westcore acquired a 40k sf industrial warehouse in San Jose for $9.2 mil ($230/sf). The property is located at 660 North King Rd, adjacent to a similar 87k sf industrial warehouse Westcore acquired earlier this year at 1800 Dobbin Dr.
The King Road warehouse is located on a corner lot and offers 29-foot clear height and a secured yard. Westcore will renovate the property to include a new roof, seismic retrofitting, parking lot repairs, office reconfiguration and upgrades.
“In the short-term, an investment in 660 North King is attractive because it is in keeping with one of our investment strategies of acquiring functional facilities in infill markets with dense populations. We continue to like industrial product in the San Jose market as the market is perpetually under-supplied,” said Peter Mette, managing director at Westcore. “Over time, owning the two warehouses next door to one another will provide flexible leasing options and a substantial contiguous parcel of land nearby the new Berryessa BART station.”
Both Westcore and the seller were represented in the transaction by Jeffrey Ida and Cole Ferrari of Marcus & Millichap.
The King Road building is expected to become vacant over the next twelve months, after which Westcore will initiate its improvement plans. The property represents Westcore’s sixth industrial acquisition in 2020.
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