Located on 2.5 acre site on Tara Court
Rocklin, Calif.- Westcore Properties, a San Diego-based commercial real estate investment firm, has purchased a 36,000-square-foot industrial building located in Rocklin, Calif., just outside Sacramento, for $936,000. This acquisition is the company’s third in the past month as it actively seeks well-located value-add opportunities throughout the U.S. and Europe.
The building, sold by Sterling Savings Bank, is located at 1120 Tara Ct. on a 2.5-acre site that also includes a 21,000-square-foot fenced yard. The facility itself features 22-foot clear height, four dock-high doors and six grade-level doors. Currently, the building is 25 percent leased.
“Built in 1988, the property is located in the greater Sacramento area just 20 miles from downtown Sacramento, and in an area that is known for its solid base of executive housing,” said Neil Johnson, a Westcore principal and the company’s director of Northern California acquisitions. “We plan to aggressively market the property with the intent of stabilizing the asset by year-end.”
In the transaction, Westcore Properties and Sterling Savings Bank represented themselves. There was no cooperating broker.
This purchase marks the third by Westcore Properties over the past month. The company closed just last week on a 60,800-square-foot industrial building in the Miramar area of San Diego for an undisclosed amount. It also recently concluded its $90 million acquisition of a portfolio of 78 bank branches throughout the Midwest and East Coast, through its affiliate Radnor Holdings.
Today, Westcore Properties owns and manages a 12-million-square-foot portfolio comprised of industrial, office and retail space with a combined total value in excess of $1.2 billion.
About Westcore Properties:
Westcore Properties is a private, entrepreneurial commercial real estate investment firm with a specialized focus in the western United States and key European markets. Since its founding in 2000, the company and its affiliates have acquired and managed more than $3.9 billion in industrial and office assets comprised of 550 buildings totaling over 25 million square feet. In addition to its U.S. headquarters in San Diego, Westcore Properties has regional offices in San Francisco and Denver. The firm’s European offices are located in Geneva, Switzerland and London, England.
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