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1/10/12
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San Diego-based Westcore Properties recently wrapped up the acquisition of a two-building, 166k sf industrial and office property located at 1601 and 1621 Alton Pkwy in Irvine for $15.1 mil ($91/sf). The buildings are fully leased and well located with nearby freeway access to Interstates 5, 405 and Highway 55, as well as close proximity to executive housing, destination shopping and the Orange County Airport.
The Alton buildings are currently leased to such tenants as Irvine Electronics, Inc., Fox Head, Del Mar Avionics and E-Squared. The fully air-conditioned warehouse building, located at 1601 Alton Pkwy, is 124k sf in size and features 28-foot clear heights. The building located at 1621 Alton Pkwy is a two-story, 42k sf office building. The property sits on a 9.2-acre site.
Both Westcore Properties and the seller, Del Mar Avionics Inc, were represented by Gary Stache, Pat Scruggs, Anthony Delorenzo, Mark Shaffer and Larry Schuler of CB Richard Ellis.
Marc Brutten, founder and chairman of Westcore Properties, pointed out that the company views the long-term strength of commercial real estate to be found in larger, more accessible projects that can easily accommodate larger tenants and their changing needs. “We see Alton as a successful addition to our growing portfolio,” said Brutten. “The acquisition of Alton is on par with our 2012 strategic plan to acquire quality industrial and office space in strategic and infill markets throughout Southern California.”
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