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[IMGCAP(1)]CITY OF COMMERCE, CA-Westcore Properties affiliates and Dune Real Estate Fund II have acquired a seven-building portfolio of industrial buildings totaling more than 760,000 square feet here and in Buena Park, according to Westcore. The purchasing entity was Dune-Westcore GBP LLC, a partnership of Westcore and Dune Real Estate Fund II, which acquired the properties from Prudential Real Estate Investors, which acted on behalf of institutional investors in the deal.

[IMGCAP(2)]The portfolio consists of two projects, the Garfield Business Center in Commerce and the Commerce Centre at Buena Park in Buena Park. Garfield Business Center is a 545,299-square-foot warehouse business park located at 3300-3430 Garfield Ave. The Commerce Centre at Buena Park is a 224,600-square-foot cold storage industrial park located at 6535 and 6625 Caballero Blvd. The buildings are 98% occupied and house 18 tenants including Hilti Inc., US Healthworks, JAM-N-Logistics, Malarkey Roofing, Golden Orchid, ENL Global, Legacy Farms, Fresh Food Concepts Inc. and Blue Line Foodservice Distribution.

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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