UNION CITY, CA—Capping a seven-month, $91 million run of commercial real estate transactions in the San Francisco Bay Area, Westcore Properties recently completed a $55 million sale in Concord, and an $8 million purchase in Union City.
The Concord, property consists of two class A office buildings totaling nearly 347,000-square-feet of office space at 1320-1390 Willow Pass Road. A joint venture between Prudential Insurance Company of America and MontgomeryAdvisors, which is headquartered in San Francisco, purchased the class A buildings located 31 miles east of San Francisco.
In the transaction, Westcore Properties was represented by Grant Lammerson with Cushman & Wakefield and the buyer by James Clifford of Montgomery Advisors. The office towers are multi-tenanted with a mix of local and national tenants.
The Union City properties, located at 1250 and 1590 Whipple Road, consist of two warehouse buildings totaling 115,155-square-feet. The rear property includes 58,210-square-feet of dedicated freezer space – a key demand driver for food distributors in the region. The seller was Whipple Group, LLC and no tenantcurrently occupies either building. Brokering both sides of the transaction was Kevin Ahaesy with Avison Young.
“Our team has been hard at work in the San Francisco Bay Area. Assets in the mid-city locations, like Concord and Union City are in high demand for buying, selling and leasing commercial real estate right now,” said Don Ankeny, president and CEO of Westcore Properties. “Strong opportunities have been presenting themselves over the past seven months and we look forward to more business in these markets,” he added.
In addition to the most recent Union City and Concord transactions, highlightsfrom Westcore Properties’ San Francisco Bay Area commercial real estate deals over the past seven months include:
Fremont, Calif.: $20.8 million sale of a 255,000-square-foot warehouse to Homelegance, Inc.
Union City, Calif.: 36-month lease for 25,878-square-feet of industrial space to Core-Mark International
Union City, Calif.: 64-month lease for 29,964-square-feet of industrial space to Strapack
Livermore, Calif.: 64-month lease for 26,100-square-feet of industrial space to Masterpiece Cookies
Livermore, Calif.: 36-month lease for 21,600-square-feet of industrial space to Bauer Pacific Imports
Union City, Calif.: $7.5 million purchase of a 163,221-square-foot former San Francisco Chronicle newspaper printing facility
Westcore Properties, founded in 2000, is a private, entrepreneurial commercial real estate investment firm with a specialized focus in the western United States and key European markets.