Focus Real Estate LP of Costa Mesa has purchased the Southrail Business Park industrial complex in Chula Vista for $11.2 million, according to the seller, Westcore Properties of San Diego.
Southrail consists of eight single- and multitenant industrial and warehouse buildings, at 645-696 Marsat Court and 1548, 1564, 1580 and 1596 Jayken Way. The complex is 98 percent leased, with tenants including Servpro of Chula Vista South, Toleeto Fasteners International, and Old Gringo.
The business park was constructed in 1987 and acquired by Westcore in 2002. Darla Longo, Barbara Emmons, Rebecca Finkel and Louay Alsadek, of brokerage company CBRE Group Inc., represented the buyer and seller.
Westcore officials said the recent transaction was in keeping with the company’s ongoing market approach of “stabilizing and turning around formerly challenged assets.” The Southrail deal followed Westcore’s sale of nearly $90 million worth of other industrial properties throughout Southern California during the past month.
“Westcore will continue to strategically sell assets as those assets’ value achievement goals are met,” said founder and Chairman Marc Brutten, in a statement.
The privately held Westcore, founded in 2000, has five regional offices in California and Colorado, and two others in Europe.