Westcore Strikes in Prime Industrial Market

LOS ANGELES—Westcore Properties has sold a nine-building industrial portfolio to take advantage of the prime industrial market. In an earlier story, GlobeSt.com reported that Rexford Industrial, an L.A.-based REIT, purchased the 817,166-square-foot portfolio for $88.5 million. The portfolio has assets located in San Diego, Orange County and Los Angeles counties.

“We keep a keen eye on the dynamics in the market, and once we have executed a business plan, which we had done on these particular assets, we exit at appropriate times,” Hack Adams, Westcore Properties SVP, tells GlobeSt.com. “This group of assets was about 99% leased with the exception of one building, so we saw it as a good time to sell the assets and redeploy to capital into other investment opportunities in the Western US, and I think it will be a good group of long-term assets for Rexford.”