Westcore Sandrock, LLC, an affiliate of Westcore Properties, LLC, a San Diego-based real estate investment company, made its first acquisition of 2005 on Jan. 20. Westcore and its partner in the transaction, Longwing Real Estate Ventures, acquired a five-building, 102,200-square-foot office and research-and-development property for $12.75 million. The development is on Aero Drive in Kearny Mesa.
Brent Wright and Bret Gossett of the San Diego office of CB Richard Ellis represented both parties in the transaction.
Marc Brutten, the president and chief executive officer of Westcore, said this acquisition marks the beginning of the company’s strategy of “aggressively seeking core assets,” besides continuing to acquire opportunistic ones.
In a prepared statement, Brutten said Westcore plans to acquire a minimum of $300 million of industrial, retail and office properties this year, through its offices in San Diego, Los Angeles and San Francisco.
Westcore owns the Kelco campus on Aero Drive, which is close to the newly acquired property.