The buyer was Pacific Sorrento LLC. The buyer assumed a $10million loan serviced by Midland Loan Services. The WestcoreProperties entity selling the property was Westcore OberlinLLC.
Westcore Properties represented itself in the negotiations.Pacific Sorrento was represented by Fouy Ly of the Irvine office ofSperry Van Ness.
When Westcore acquired the property in 2005, the building was100% leased to Advanced Marketing Systems, according to Gary Katz,senior vice president for Westcore. "That company went bankrupt andvacated the building in August 2007 and in December 2007 Westcorewas able to lease the entire building to Qualcomm on a long-termlease," he says. "By re-establishing the occupancy, we were able toaccomplish our business plan and meet our objectives for thisasset."
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