Westcore Expands NorCal Industrial Portfolio
- May 30, 2017
Westcore Properties purchased a 277,500-square-foot industrial building in Stockton, Calif. for $14.4 million. Mike Goldstein and Wes Widmer of Colliers International’s Central Valley team represented both parties in the off-market transaction.
Located at 1627 Army Court, just off Highway 4, the multi-tenant industrial building can accommodate tenants seeking 25,000 to 75,000 square feet of space in the tight industrial market.
“With close ties to the California Bay Area market, Stockton’s industrial market has continued to strengthen as companies look east to find suitable space,” said Peter Mette, director of acquisitions at Westcore Properties, in prepared remarks. “The suite sizes of this property are well-aligned with tenant demand in the market and the absence of new supply accommodating the small to mid-sized user should sustain rental growth.”
The asset is one mile west of Interstate 5 and to the Port of Stockton, 50 miles from Sacramento and around 70 miles from San Francisco, Oakland and San Jose. The building is opposite the Toys R US Distribution Center.
Late last year, Westcore Properties also acquired the 172,500-square-foot industrial property located at 4545 Qantas Lane in Stockton, Calif. Since its founding in 2000, the company and its affiliates have acquired and managed more than $4 billion in industrial and office assets, including more than 750 buildings and 45 million square feet.
“The vacancy rate in San Joaquin County is at an all-time low. Companies relocating from the Bay Area combined with local and regional expansions have absorbed most of the available space,” said Goldstein in a prepared statement.
Image courtesy of Westcore Properties