Westcore Properties has acquired 6.64 acres of land located along Sorrento Valley Road at Industrial Court in San Diego, according to a release from a representative of the firm. The release says the land is zoned for light-industrial, office, or commercial uses and that Westcore acquired it from the California Department of Transportation (Caltrans) for an undisclosed sum.
The land Westcore acquired is part of a central San Diego submarket that includes Sorrento Valley, Sorrento Mesa, Torrey Pines, UTC, and Miramar/Mira Mesa. According to the release, this central area of the county is considered one of the tightest and best-performing submarkets in San Diego County.
Hack Adams, SVP at Westcore, is quoted in the release as saying, “Sorrento Valley offers easy access to the I-5, I-805, SR 56 and SR 52 and proximity to both executive and workforce housing. Those factors plus its mid-county location make it one of the most sought-after markets for many of San Diego’s leading industries.”
The statement also says Westcore is working to entitle the land for development of build-to-suit corporate facilities and/or speculative, light-industrial buildings ranging in size from 30,000 square feet to 45,000 square feet. The firm reports that Dean Asaro of Cushman & Wakefield represented Westcore in the transaction, while Caltrans represented itself.
Asaro also comments in the release that industrial, office, life-science, and retail companies had expressed interest in the site for years before Caltrans put it up for sale in July. He adds, “Due to this interest, we received many inquiries from potential users during the escrow period.”
Most recently, Westcore has been an active player in the Inland Empire market. As SoCal Real Estate has reported, in July the firm purchased a 130,599-square-foot warehouse/distribution facility on a nine-acre lot at 360 South Lilac Avenue in Rialto, California, from Legacy Ranch Inc. for $11.425 million with plans to reposition it; in August, it sold Cajon Distribution Center, an 830,750-square-foot warehouse property located at 6207 North Cajon Boulevard in San Bernardino, California, to DHL for an unspecified amount; and in October, it sold March Air Logistics Center, a 277,270-square-foot air-cargo and industrial facility at the March Inland Port (formerly March Airforce Base) at 17101 Heacock Street in Riverside, California, to Dallas-based Crow Holdings Industrial for an unspecified amount.
We reached out to the rep for more information on Westcore’s San Diego transaction history and were told that the firm had acquired a 22-building, 514,169-square-foot industrial property portfolio in San Diego’s North County in the fall of 2016; this seems to be the firm’s most recent transaction in San Diego.