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June 16, 2024
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Westcore Buys Seven-Property, 684k sf Industrial Portfolio


Westcore acquired the Mountain West portfolio of seven industrial properties, consisting of four in Phoenix and three in Denver, for an undisclosed sum. The purchase encompasses four properties in Phoenix totaling 460.2k sf in nine buildings, predominantly multi-tenant in nature, along with three single-tenant buildings in Denver that contain 224.2k sf.

Westcore plans to upgrade many of the Mountain West properties, including roof replacements in Phoenix. Throughout the portfolio, upgrades will also include cosmetic enhancements of paint, landscaping and asphalt, as well as improvements of office suites as leases roll.

“Phoenix and Denver are both extremely healthy industrial markets with very limited options for tenants looking of smaller suites in the 10k sf to 75k sf range,” said Westcore Managing Director Hack Adams. “The acquisition of these in-fill and functional projects, currently fully occupied, come with significant upside due to the 2.5 years of weighted average lease term in the portfolio, coupled with the meaningful rent growth being achieved in each market.”

Will Strong and Greer Oliver of Cushman & Wakefield represented the seller, while Westcore represented itself in this transaction. Westcore relied on local market expertise from Jeff Conrad of Lee & Associates and Jackie Orcutt of CBRE in Phoenix and Drew McManus of Cushman & Wakefield in Denver.

According to Cushman & Wakefield’s third quarter industrial report for Denver, asking rates ticked up this quarter. As employment in Denver continues to show strong signs of economic recovery, job growth and consumer spending will continue to improve.

Likewise in Phoenix, the industrial market absorbed approximately 6.6 msf in the third quarter, with five of the seven property product types having recorded positive absorption and year-over-year rent growth approaching 10%.

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