 Garfield Business Center |
Terms of the sale, which was brokered by vice chairman Darla Longo and executive vice president Barbara Emmons of CB Richard Ellis, were not disclosed. Marketing materials for the Buena Park property said that it was offered at $24.6 million at a 9.5% cap rate.
Steve Bollert, a partner with San Diego-based Westcore, calls the acquisition "a unique opportunity for Westcore to add to its existing portfolio of industrial properties in urban infill locations." Bollert notes that Westcore is continuing to acquire well-positioned assets throughout the Western US and "believes significant value can be obtained through intensive management and operation of the properties."
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