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

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

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

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Developed by Panattoni in 1996 and 1999 respectively, the Guildand Vine projects include cross-dock warehouse distributionbuildings with minimal office build-outs of approximately 5%. Theyare 100% occupied by major tenants including Pacific CoastPackaging and VAZ Trucking.

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

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The two buildings, which were constructed in 2008, are in shellcondition and "possess all of the characteristics of class Awarehouse facilities," Westcore says. The company has begun toparcelize the buildings to offer for sale or lease.

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

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