San Diego-headquartered Westcore Properties has purchased a Phoenix industrial building for $10.2 million, marking a return to that market after a short hiatus, the company announced.
A company statement said Westcore purchased the multitenant, 170,625-square-foot property, which was built in 2001, from an independent Canadian investor. Approximately 50,000 square feet is occupied by Goodman Distribution, with Omni Workspace occupying 48,000 square feet.
Westcore will begin renovation work in late January on the building’s exterior, along with 70,000 square feet of space that will become available in the first quarter of 2016.
The buyer was represented in the transaction by Bo Mills and Mark Detmer of real estate services company JLL.
Westcore oversees a mostly Western U.S. portfolio of industrial and office properties, and last bought in the Phoenix market about two years ago. Senior Vice President Hack Adams said industrial businesses in the Phoenix market have recently been showing signs of increasing strength, particularly those occupying between 30,000 and 100,000 square feet.