Westcore, a real estate investment and management firm based in La Jolla, has acquired a 16-building industrial park in Stockton for $20.1 million.
The property at 1515 Navy Drive was sold by Klein Brothers.
Westcore plans to fully renovate the industrial park to accommodate multiple tenants.
Currently configured for warehousing, packaging, and distribution, the property is equipped with cold storage and a large yard space
“1515 Navy Drive has excellent access to the Port of Stockton and I-5 in the burgeoning and healthy Central Valley industrial market,” said Westcore Managing Director Peter Mette. “Our renovations will allow us to accommodate a broad range of tenants from those requiring 20,000 square feet up to 200,000 square feet or more. We are also excited about the prospect of new construction on the southern end of the site—there is a lot of untapped potential with this property.”
Mike Goldstein, Ryan McShane, and Wes Widmer of Colliers International represented both parties in the off-market transaction.