March 3, 2020 Comments Off on CBRE Finalizes $150M for Westcore’s Natl. Industrial Investments Views: 821 National News, West

CBRE Finalizes $150M for Westcore’s Natl. Industrial Investments

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San Diego’s Westcore Properties has closed a new $150 million, separately managed equity raise with a single institutional investor, structured on its behalf by CBRE.

Funds for the programmatic account will be paired to a co-invest from Westcore for approximately $400 million in buying power (with leverage) for industrial real estate acquisitions similar to the company’s recent $26-million acquisition of a Vista, CA value-add industrial asset reported by Connect Media.

CBRE’s Mark McGovern structured and placed the funding with a single institution.

According to CBRE’s McGovern, “After recently ending its long-term relationship with a capital provider, Westcore was interested in forming a programmatic joint venture in order to acquire industrial assets nationwide. Westcore is a very successful and accomplished owner and developer of industrial projects, and will benefit from a capital provider who is motivated to efficiently acquire a dynamic portfolio.”

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