Del Mar-based REMEC sold the 132,684-sf business campus to Westcore for a total of $20.5 million. The transaction allowed the manufacturer of high frequency subsystems to retire its existing synthetic lease against the property. In conjunction with the sale, REMEC and WS Roscoe entered into separate, 14-year leases for the entire complex that went into effect on the closing of the deal. REMEC's Defense and Space group occupies most of the campus, which is comprised of four facilities. They are located at 9404 Chesapeake Dr. and 5755, 5785 and 5788 Roscoe Court.
Westcore received the financing for the REMEC Corporate Campus purchase from MONY Realty Capital, through the firm's Western regional office in Irvine. Bruce Anderson of L.J. Melody & Co.'s Newport Beach office and Brian Halpern of L.J. Melody & Co.'s Los Angeles office arranged the fixed-rate loan.
With offices in Los Angeles and San Diego, Westcore Industrial Properties specializes in the acquisition, financing, redevelopment, leasing and disposition of industrial, flex and R&D properties in the Western United States. The company's current portfolio encompasses approximately 8.9 million sf of commercial space in California, Arizona and Texas.
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