Westcore Secures $70M in Financing for Recent PurchasesFriday, August 31, 2012
San Diego-based investment firm Westcore Properties has secured $70 million in permanent financing for four newly acquired industrial and office assets located in Northern and Southern California.
Terms were not disclosed. A company statement said financing packages were arranged through Bank of America, Wells Fargo and U.S. Bank.
The projects financed were Westlake Center, a 45,000-square-foot office building in Encinitas that Westcore recently purchased for $6.8 million; Central Plaza, a three-building, 150,000-square-foot industrial project in Union City acquired for $13 million; Salt Lake Industrial Park, a 132,000-square-foot project in City of Industry purchased in a short sale for $9.5 million; and Kato Industrial Park, a 625,000-square-foot, four-building industrial park in Fremont, recently purchased for $45.6 million.
The privately held Westcore Properties was founded in 2000. It has U.S. regional offices in San Francisco and Denver, and European offices in Geneva and London.