LODI, CA-Westcore Properties of San Diego has acquired 784,000 square feet of warehouse buildings here, plus 176,000 square feet and 60 acres of land in Manteca, for a combined total of $30 million. The class A industrial assets in the San Joaquin Valley were acquired in two separate transactions.

According to Neil Johnson, a principal in Westcore’s Northern California office, the acquisitions are an opportunity for Westcore to expand its Northern California portfolio, which now totals nearly 2.7 million square feet over 11 assets.

The Lodi assets are at 960 S. Guild and 1300 E. Vine St. in the Lodi Industrial Center. They were acquired from Panattoni Development Co. for $23 million, with Blake Rasmussen and Kevin DalPorto of CB Richard Ellis representing both Westcore Properties and Panattoni.

Developed by Panattoni in 1996 and 1999 respectively, the Guild and Vine projects include cross-dock warehouse distribution buildings with minimal office build-outs of approximately 5%. They are 100% occupied by major tenants including Pacific Coast Packaging and VAZ Trucking.

The Manteca assets, at 2301 and 2403 W. Louise Ave., were acquired from Assieh Development/Sterling Savings Bank for $7.7 million. CBRE's Rasmussen and DalPorto represented both parties.

The two buildings, which were constructed in 2008, are in shell condition and "possess all of the characteristics of class A warehouse facilities," Westcore says. The company has begun to parcelize the buildings to offer for sale or lease.

The 60 acres of raw land located on the site is entitled for an additional 1.2 million square feet. Westcore plans to modify the site plan for one large user of approximately one million square feet and market for sale or build-to-suit.