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8/29/23
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Westcore, a leading industrial real estate acquisition, development and asset management firm, Westcore has acquired the 3.5 msf Odyssey Portfolio, comprised of industrial properties in Livermore, Valencia and Chino, California, for an undisclosed sum.
The portfolio includes assets in some of the strongest markets in California:
• Chino: nine buildings | 1.47 msf | nine tenants
• Valencia: four buildings | 742.6k sf | five tenants
• Livermore: three buildings | 1.3 msf | two tenants
“Westcore is bullish about the fundamentals for industrial real estate, and we are thrilled to acquire 3.5 msf of infill California properties in a single transaction,” said Westcore President and CEO Don Ankeny. “This strategic investment underscores our commitment to expanding our footprint in growth markets across the United States.”
The Class A, A- and B+ industrial buildings are 100% occupied. Staggered lease expirations will allow Westcore to drive value and make capital improvements.
“This rare opportunity provides us a critical mass of functional and sought after Inland Empire and Los Angeles industrial real estate,” said Managing Director Hack Adams, who oversees Southern California acquisitions for Westcore.
All nine Chino properties are irreplaceable due to their infill locations and offer coveted proximity to population density in Los Angeles, Orange County and Inland Empire. The Valencia buildings have long tenancy histories, which include Pharmavite, a company that has occupied buildings in Valencia since they were constructed in 2000.
The new Class A industrial buildings that make up the Livermore portion of the portfolio have attracted strong investor attention since they were constructed in 2016. They include both Tesla and Draxlmaier Automotive as tenants.
The Odyssey Portfolio’s tenant roster includes additional blue-chip companies Coca Cola and Schlage, with the balance comprised of national, regional and local distribution, warehousing and light manufacturing tenants. The purchase increases Westcore’s assets under management to over $4 bil across 25 msf throughout the United States.
Eastdil Secured brokers Steve Silk, Jay Borzi, Adam Pastor and Christina Buhl represented the undisclosed seller, while Westcore repped itself in the transaction.
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