San Diego’s Westcore Properties has obtained $337.5 million in financing from Almanac Realty Investors LLC, to fund future commercial property acquisitions.
A Westcore statement said the company has entered into an agreement with a fund managed by New York-based Almanac, under which the fund has committed to provide the growth capital to Westcore.
Including an investment of $197.7 million made in 2011 by a prior fund, Almanac has committed to invest a total of up to $535.2 million into the Westcore platform.
Westcore President and CEO Don Ankeny said the newly committed capital from Almanac will be used to fund new “value-add” industrial and office investments — older properties that can be renovated and repositioned to accommodate new tenants. The capital will also support further growth of the Westcore organization in general.
Since obtaining the most recent commitment from Almanac, Westcore has closed or placed under contract 2.4 million square feet of properties, with a gross value of $172 million.
