SAN JOSE, CA-Westcore Properties LLC of San Diego has acquired the 430,000-sf International Business Park for $46.7 million and plans extensive renovations to the combination R&D, office and telco project, according to Westcore execs. The property is a five-building development at 1710, 2010, 2030, 2040 Fortune Dr. and 1953-1965 Concourse Dr. that the San Diego-based investment and development firm bought from Minneapolis-based Eagle Ridge Partners LLC.
Westcore sees significant upside potential in the upgrading and lease-up of the business park, which is situated on a site of 24 acres and was 50% occupied at the time of the sale. Neil Johnson, director of acquisitions for Westcore Properties in Northern California, says that the "major renovation to upgrade the park and suite interiors" will increase marketability of the buildings in a recovering market.
"We can offer tenants suites for lease from 18,000 sf to 155,000 sf," Johnson points out. He says that the flexibility in size of suites "allows us to market to tenants across a broad range of sizes and offer a potential campus opportunity for larger users."
Privately held Westcore acquired the business park in a transaction that was brokered by Dan Hollingsworth, Steve Pace, Greg Davies and Amanda Smoot of CPS Corfac International, who represented both parties in this transaction. Purchase financing was provided by Countrywide Commercial.
The transaction follows Westcore's $108-million purchase in March of a portfolio totaling 1.3 million sf of industrial and manufacturing space in Vienna from Phillips Electronics NV after opening a European office four months earlier. In addition to its headquarters in San Diego and its regional office in Lausanne, Switzerland, the company operates regional offices in Los Angeles, San Francisco and Denver.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.