Westcore Buys 4.1 MSF Industrial Portfolio

The company received a $97.5 million loan from Walton Street Capital for the purchase.
I-80 Logistics Center II. Image courtesy of CBRE

Westcore has closed on the acquisition of a 17-property logistics portfolio encompassing 4.1 million square feet across nine U.S. markets. USAA Real Estate sold the assets for an undisclosed amount. Walton Street Capital provided a $97.5 million acquisition loan, according to public records.

The warehouses are located in Atlanta; Chicago; Denver; Fairfield, Calif.; Houston; Lakeland, Fla.; St. Louis; Salt Lake City and San Antonio. The Class A facilities were completed between 2016 and 2020. The deal also included two land parcels in Texas totaling more than 15 acres. The collection of warehouses is 71 percent leased. The most recent deliveries have the lion’s share of the vacancy.

A closer look

The largest property in the portfolio is I-80 Logistics Center I, II & III, a 1.1 million-square-foot industrial complex in Salt Lake City. The buildings are located at 354, 350 and 355 N. John Glenn Road, respectively. USAA partnered with Seefried Industrial properties to deliver the project. The 521,079-square-foot Building III is fully leased and serves as a distribution center for Amazon.

The California property, Solano Business Center, is located on 22 acres at 2200 Courage Drive in Fairfield. The facility spans 378,405 square feet, has four grade-level and 69 dock-high doors. The asset sold for $51.2 million, Solano County records show.

CBRE Vice Chairman & Managing Director Jack Fraker and Executive Vice President Ryan Thorton negotiated on behalf of the seller. Westcore was represented in-house. CBRE Executive Vice President Val Achtemeier and Senior Vice President Mark McGovern secured the acquisition financing package.

Earlier this month, USAA Real Estate sold a 645,000-square-foot warehouse in Gardner, Kan., for $44 million. Industrial Logistics Properties Trust acquired the asset, marking the company’s first purchase in the Kansas City metro.