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SAN DIEGO-Westcore Properties LLC has released plans for 2005 and those early goals reveal significant growth in the real estate investment and development company’s acquisitions in the coming year. According to a company report, Westcore will look to acquire $300 million in industrial, retail and office property in 2005, a major bump from the $210 million invested in property during this year.”We have surpassed our plan of acquiring $200 million in real estate and look forward to acquiring up to $300 million in properties in California and the western United States through our offices in San Diego, Los Angeles and San Francisco in 2005,” says Owen Frost, chief investment officer for Westcore Properties. Already, the company has $59 million in escrow, expected to close during the first and second quarters of 2005. Among the properties are $40 million in industrial, $15 million in office and $4 million in retail, according to Gary Katz, director of acquisitions, Southern California, for Westcore Properties.”Westcore’s experience and ability to perform rapid due diligence and close quickly on deals have allowed us an edge on a vast majority of our competition,” Katz says. He adds that Westcore has built its portfolio through core-plus and opportunistic acquisitions and will continue that strategy in 2005, but will add to it. “We will also look to acquire core properties,” Katz tells Globest.com. “We’ve gotten feedback from our investors that they’d like us to look at trophy-type assets as well.”The investment plans calls for 45% industrial, 45% retail and 10% office in the company’s submarkets of San Diego, Orange County, Los Angeles and the Bay Area. According to Katz, the company will also look into other western states including Washington, Oregon, Arizona and Nevada. “Continued strength in the retail sector and the bottoming out of the Bay Area region were market conditions that have proven beneficial to our investment activity.” He adds that the company’s acquisitions generally range from $8 million to over $20 million, but there are exceptions. “We are looking at a property in San Diego for $2.5 million. It’s small, but it’s a great location and we see an opportunity there,” Katz says.”The liquidity in the market has given Westcore the opportunity to rebalance and diversify its portfolio,” says Frost. “The leasing market has shown signs of recovery this year, and I believe that increased activity in major California markets will continue in 2005.” Due to fierce competition for investment opportunities, the company will “keep an eye out for non-traditional investment opportunities,” Katz says. He says the company will “look for deals off the radar screen, take part in joint ventures with those needing capital, buy risk-adjusted mortgage loans, leasehold interests and land. We are diverse in our tactics, however, the goal of maximizing value in whatever we acquire remains constant.”

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