In the Carson transaction, Westcore Carson LLC and its partner in the purchase, Longwing Real Estate Ventures LLC of New York, acquired the industrial flex buildings at Centre Pointe from the Employees' Retirement System of the State of Hawaii. The three-building complex totals 184,374 sf on 9.9 acres and is located on Walnut Street at Main. Richard Plummer and Andrew Harper of Cushman & Wakefield's Downtown Los Angeles office represented both the buyer and the seller.

The complex, which was 90% occupied at the time of the sale, includes two mezzanine R&D buildings and one single-story R&D building. The major tenant is the Western Regional Headquarters for Canon Business Solutions, which occupies 55% of the facility. Westcore was attracted to the solid tenancy of Canon as well as the upside to leasing the 10% vacancy, says Gary Katz, director of acquisitions for Westcore Properties. The company plans to invest approximately $500,000 in tenant upgrades that will make the vacant space more desirable to prospective tenants, he says. The renovation will include the installation of an elevator in one of the buildings for easier accessibility as well as the renovation of the vacant suites and lobby areas.

In the City of Commerce transaction, Westcore Bandini LLC purchased buildings at 6000 and 6040 E. Bandini Blvd. for $6.7 million from Transamerica Realty Service LLC. The two-building industrial complex totals 235,253 sf on 7.8 acres. John Privett and Jeff Stephens of the Commerce office of CB Richard represented both the buyer and seller. The buildings are occupied by a single tenant, Authentic Fitness Inc., a diving and swimwear manufacturer and exclusive North American licensee for Speedo swimwear and activewear, which has been in the buildings since they were built in the 1960s.

Following the closing of the transaction, Westcore negotiated a new 10-year lease with Authentic Fitness, valued at $8.9 million. Westcore also acquired a 2.2-acre employee parking lot from Authentic Fitness located adjacent to the property for $1.2 million. Westcore will lease back the lot to the tenant. This property was a strategic acquisition for Westcore, says Marc Brutten, president and CEO of Westcore Properties, who notes that the location is in one of Westcore's core markets and Authentic Fitness is a quality tenant with a stable cash flow.

Westcore Properties LLC is a private, entrepreneurial commercial real estate investment firm with institutional capabilities that focuses on investing in markets within the Southwestern United States. Since the company was formed in 2000, Westcore and its principals have invested in more than $1 billion in properties totaling in excess of 10 million sf. It recently changed its name from Westcore Industrial Properties to reflect a diversification from primarily value-added, industrial to both core and core-plus retail, office and industrial properties.