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9/15/17
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Westcore Properties has acquired Antioch Distribution Center, a two-building, 665.8k sf manufacturing/distribution property in the Bay Area city of Antioch. The property, located at 2200 to 2300 and 2110 Wilbur St, sold for $32.4 mil ($49/sf).
The property was sold by Covington Group, out of Dallas. They were represented in the deal by Steve Hermann, Scott Bertrand and Brooks Pedder of Cushman & Wakefield.
Westcore represented itself in the transaction. According to Peter Mette, Westcore’s director of acquisitions, the firm was attracted to the investment’s basis at $49/sf and the solid cashflow yield based upon substantially below-market rents.
With this purchase, Westcore expands its industrial property holdings in one of its core areas of focus: Northern California’s East Bay and Central Valley. Over the last year, Westcore also acquired three industrial properties in Stockton and one in Tracy.
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