August 13, 2019
San Francisco-based Stockbridge Capital Group acquired a 6.35-million-square-foot Class A industrial property portfolio from San Diego-based Westcore Properties for reportedly $570 million. The deal for the nearly 100%-leased portfolio encompasses 26 assets across nine markets in five states.
Many of the properties were vacant at the time of Westcore’s purchase in September 2016. The investor subsequently renovated nearly all of the assets, and has leased the space, primarily to big-box and last-mile users.
Eastdil Secured’s Stephen Silk, Jay Borzi and Adam Pastor represented the seller, while the buyer was self-represented. The deal value was undisclosed.
PGIM Real Estate Finance provided $350 million in financing to Stockbridge Capital Group for the acquisition.
The portfolio includes properties in:
927 E. 9th St. & 7776 E. Tippecanoe Ave., San Bernardino
22705 Newhope St., Moreno Valley
3834 Duck Creek Dr., Stockton
133 & 155 Mata Way, San Marcos
500-938 S. Andreasen Dr., Escondido
13915 Maryton Ave., Santa Fe Springs
2200-2300 Wilbur Ave. & 2110-2300 Wilbur Lane, Antioch
1627 Army Ct., Stockton
4545 Qantas Lane, Stockton
1050 E. Grant Line Rd., Tracy
5675 Sunol Blvd., Pleasanton
7037 W. Van Buren St., Phoenix
445 E. Glendale Ave., Sparks
550 Coney Island Dr., Sparks
960 United Circle Dr., Sparks
980 United Circle Dr., Sparks
1050 Spice Islands Dr., Sparks
1750 Purina Way, Sparks
940 Spice Islands Dr., Sparks
1277-1295 Spice Islands Dr., Sparks
750 Spice Islands Dr., Sparks
748 Spice Islands Dr., Sparks
700-742 Spice Islands Dr., Sparks
1259-1275 Spice Islands Dr., Sparks
4745 Amelia Earhart Dr., Salt Lake City
135 S. Mt. Zion Rd., Lebanon
For comments, questions or concerns, please contact Dennis Kaiser