Cornerstone Real Estate Advisors Procured $29 Million in Financing for Bressi Ranch Village Center; Westcore Properties Expands Portfolio
- Sep 12, 2011
Cornerstone Real Estate Advisors, on behalf of an institutional separate account investor, has procured $29 million in financing for Bressi Ranch Village Center, RenTV.com reports. The transaction was arranged by senior managing directors Dana Brome and Tim Wright and associate director Zack Holderman at Holliday Fenoglio Fowler, L.P. The 111,400 square-foot retail center in Carlsbad, 97 percent leased and anchored by Stater Bros. and Trader Joe’s, is part of the 525-acre master planned Bressi Ranch development. Cornerstone acquired Bressi Ranch Village Center from LNR Property LLC’s Commercial Property Group in June this year. The fixed-rate loan was funded by an insurance company affiliate of Hartford Investment Management Company.
In the industrial real estate sector, Westcore Properties is continuing to expand its portfolio. The real estate firm purchased Stockton Center Pointe, a 508,000 square-foot Class A warehouse/distribution facility in the city of Stockton. Located at 1909 Zephyr St, south of Highway 4 and midway between I-5 and Highway 99, the property was purchased for $22.9 million. Stockton Center Pointe features 32-foot clear heights, 92 dock-high loading doors and 131 trailer park spaces. Neil Johnson, principal and director of acquisitions with Westcore Properties’ Northern California office, said the increased trade activity at the Port of Oakland and the lack of available space, particularly for Class A Distribution, offers a competitive advantage in the San Joaquin Valley.
The buyer was represented by Blake Rasmussen of CB Richard Ellis and IDI/DCT Stockton LLC represented the seller. Westcore Properties has acquired five other industrial parks in Central/Northern California totaling 906,000 square feet in recent months.