Westcore Buys Fremont Industrial Park for $46MTuesday, August 21, 2012
Westcore Properties of San Diego has purchased Kato Industrial Park in Fremont for $45.6 million.
A statement from the real estate investment firm said this is the second recent large California industrial acquisition, following the company’s $9.5 million purchase of Salt Lake Business Center in City of Industry, Calif., last month.
The company’s commercial real estate portfolio is now at 12.7 million square feet. Wescore Properties Chairman Marc Brutten said the Fremont transaction is the company’s largest acquisition this year.
The four-building Kato property is in close proximity to Silicon Valley, the San Francisco peninsula and East Bay markets. “Additionally, the project includes five acres of undeveloped land which gives us room to expand,” Brutten said.
Westcore acquired the Fremont property from New York Life Investments, formerly known as McMorgan Co., and plans to implement a number of capital improvements and upgrades. The property is currently 62 percent leased, to tenants including JC Paper Co., San Francisco Herb & Natural Food Co., and Stats ChipPAC Inc.
The privately held Westcore was founded in 2000 and has U.S. regional offices in San Francisco and Denver. It also has European offices in Geneva and London.