Westcore Properties Adds LA-Area Facility to Holdings
- Sep 14, 2018
Westcore Properties has acquired a 114,556-square-foot industrial facility in Moorpark, Calif., for $13.8 million. NKF Capital Markets Team Shannon Private Capital Group worked on behalf of the seller, Marcus Adams Properties, and the buyer was self-represented. The facility is fully leased to Test Equity and Shred-It.
At 6100 Condor Drive, the facility is strategically located alongside Freeway 118 in the Simi Valley industrial submarket, which comprises a total of 12.4 million square feet of industrial assets. Additionally, the building is situated approximately 45 miles from downtown Los Angeles and roughly 48 miles from Los Angeles International Airport. The facility was built in 1984, renovated in 1995 and occupies 7.5 acres, 2.5 acres of which are available for improvement.
“(The property) provides the new ownership with a steady rental income stream with full occupancy, while the adjacent vacant land provides the potential either to develop an additional industrial facility or expand the existing building,” said Bret Hardy, executive managing director at NKF Capital Markets, in prepared remarks.
The NKF Capital Markets team included Executive Managing Directors Hardy and Sean Fulp and Managing Directors Ryan Plummer and Brad Burton. Earlier this year, the brokerage team arranged the sale of a 347,119-square-foot R&D/industrial facility in Thousand Oaks, Calif.
Image courtesy of NKF Capital Markets