SOURCE: Westcore Properties

Westcore Properties

Westcore Properties

August 20, 2010 14:43 ET

Westcore Properties and CT Realty Joint Venture Acquires 1.4 Million Square Foot Industrial Park in San Bernardino

SAN BERNARDINO, CA--(Marketwire - August 20, 2010) -  San Diego-based Westcore Properties and Aliso Viejo-based CT Realty Investors announce that they have formed a joint venture that has acquired the Cajon Distribution Center, a Class A industrial center totaling 1.4 million square feet in San Bernardino, Calif. The joint venture includes Westcore Properties; CT Realty Investors; PCCP, LLC; and Behringer Harvard. The seller's information and financial terms of the transaction were not disclosed.

According to Steve Bollert, principal and director of Westcore's southwestern U.S. acquisitions, the company acquired the center due to its location and position in the marketplace. "There is a clear scarcity in the market for large blocks of industrial space," said Bollert. "The Cajon buildings are well-positioned to offer larger users the space they need in a state-of-the-art, secure, well-located facility."

James "Watty" Watson, CT Realty's chief executive officer, said, "Cajon Distribution Center is representative of our company's aggressive acquisition strategy, which is focusing on quality, core commercial real estate assets in key markets throughout California. This project offers tremendous 'value-add' potential."

In the transaction, the unnamed institutional seller was represented by Darla Longo of CB Richard Ellis and Peter McWilliams and Mike McCrary of Jones Lang LaSalle.

Cajon Distribution Center, a two-building, cross dock property, located at 7010 and 7140 North Cajon Blvd., is a 63-acre site northeast of Los Angeles and part of the broader Inland Empire. The property offers direct access to Interstates 215, 15, 210 and 10, which are major traffic arteries serving Southern California and the Western United States. Built in 2008, Cajon Distribution Center features ESFR, 30-foot clear heights and corporate neighbors including FedEx, Target, Kohl's, Mattel, Home Depot and Smucker's.

Both buildings are currently available for lease. For leasing information, contact Hack Adams with Westcore Properties at 858-625-4100 ext. 250 or hadams@westcore.net.

About Westcore Properties
Westcore Properties (www.westcore.net) is a San Diego-based 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 has invested in more than $2.2 billion in office and industrial properties totaling over 10.2 million square feet. In addition to its San Diego headquarters, Westcore Properties has regional offices in San Francisco, Calif. and Denver, Colo. The firm's European offices are located in Geneva and London.

About CT Realty Investors
Since its establishment in 1994, CT Realty Investors (www.ctrinvestors.com) has completed more than 150 transactions with value in excess of $2.5 billion through a series of 10 independent discretionary private equity real estate funds. The company continues to invest in institutional quality commercial real estate properties, debt instruments, multifamily properties and other income producing assets. In addition, the company provides equity financing through strategic partnerships with investors in Southern California. The focus of CT Realty's investment activities is to acquire well-located assets with the potential to enhance their value through a solid, hands-on approach.

About PCCP, LLC
PCCP, LLC is a premier real estate private equity firm focused on commercial real estate debt and equity investments. PCCP has over $6 billion under management in multiple closed-end funds and joint ventures with institutional investors. With 33 investment professionals and 50 employees across four offices located in New York, San Francisco, Sacramento and Los Angeles, PCCP invests throughout the United States. Learn more about PCCP at www.pccpllc.com.

About Behringer Harvard
Behringer Harvard creates and manages global institutional-quality investment programs for individual and institutional investors through its real estate investment trusts, joint ventures and proprietary program structures. The company also offers strategic advisory, asset management and capital market solutions. Behringer Harvard has interests in or manages more than $10 billion in assets. For more information, contact our U.S. headquarters toll-free at 866.655.3600 or our European headquarters at 011 49 40 34 99 99 90, or visit us online at www.behringerharvard.com.

Contact Information

  • CONTACT:
    Sandra Grove/Tara Peters
    For Westcore Properties
    Email Contact
    858-751-5959