LOS ANGELES—Westcore Properties has sold anine-building industrial portfolio to takeadvantage of the prime industrial market. In an earlier story,GlobeSt.com reported that Rexford Industrial, anL.A.-based REIT, purchased the 817,166-square-footportfolio for $88.5 million. The portfolio has assets located inSan Diego, Orange County and Los Angeles counties.

“We keep a keen eye on the dynamics in the market, and once wehave executed a business plan, which we had done on theseparticular assets, we exit at appropriate times,” HackAdams, Westcore Properties SVP, tells GlobeSt.com. “Thisgroup of assets was about 99% leased with the exception of onebuilding, so we saw it as a good time to sell the assets andredeploy to capital into other investment opportunities in theWestern US, and I think it will be a good group of long-term assetsfor Rexford.”

The sale drew significant attention from potential buyersinterested in buying either pieces of the portfolio or theportfolio in its entirety. “We initially received 20-22 offers,”says Adams. Rexford purchased all but one of the assets in theportfolio, an industrial property in San Diego that is now undercontract with an Orange County-based investor. Westcore Properties'criterion in choosing a buyer wasn't limited to the price tag.Other factors, including certainty to close, were also important tothe firm. “We chose a quality firm like Rexford because it followsthrough once we go under contract with them,” Adams adds.