SOURCE: Westcore Properties

Westcore Properties

Westcore Properties

March 07, 2011 16:09 ET

HP Signs 1.4 Million-SF Lease in Cajon Distribution Center

SAN BERNARDINO, CA--(Marketwire - March 7, 2011) -  Just six months after acquiring Cajon Distribution Center, Westcore Properties and CT Realty Investors announce that Hewlett Packard Company (HP) has signed a seven-year lease for 1,402,825 square feet of space, bringing the property to 100 percent occupancy. The transaction represents one of the largest industrial leases in terms of square footage to have ever occurred in the Greater Los Angeles market. Financial terms were not disclosed.

Westcore Properties and CT Realty were represented by Darla Longo, Jim Koenig, Dave Consani and Dan De la Paz of CB Richard Ellis. HP was represented by Alex Somerville, Kent Gilbert, Raul Campos and Grant Ross, also of CB Richard Ellis.

According to Hack Adams, senior vice president of leasing with Westcore Properties, HP will occupy the entire two-building institutional-quality Class A industrial park. "Cajon Distribution Center is an ideal distribution choice due to its functional space, strategic location with immediate access to the 215, 210, 10 and 15 interstate freeways, and its state-of-the-art cross dock configuration," he said.

Westcore Properties and CT Realty Investors acquired the property in August 2010 in partnership with PCCP, LLC and Behringer Harvard. At that time, the joint venture partners said that they were attracted to the investment due to scarcity in the San Bernardino market for well-located, secure industrial space for larger users. Carter Ewing, executive vice president of CT Realty, said, "We are very pleased to execute a lease of this magnitude with a company of HP's caliber."

The company expects to move into the space in June and July 2011.

Cajon Distribution Center, located at 7010 and 7140 North Cajon Blvd., is a 63-acre site northeast of Los Angeles and part of the broader Inland Empire. Built in 2008, Cajon Distribution Center features ESFR, 30-foot clear heights, 52 x 50 bay spacing, secured truck court, skylights, and dock-high and grade-level loading doors. Corporate neighbors include FedEx, Target, Kohls, Mattel, Home Depot and Smuckers.

According to Darla Longo, vice chairman with CB Richard Ellis which represents the CT/Westcore partnership, the Inland Empire is the largest distribution market in North America and houses more than 400 million square feet of product which represents 25 percent of the Los Angeles industrial base. "CBRE has had an enormous presence in the greater L.A. industrial markets for decades," said Longo. "We have been pleased to represent both the owners and the tenant in a transaction that is among the three largest leases executed in terms of square footage."

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, Calif., Westcore Properties has regional offices in San Francisco, Calif. and Denver, Colo. The firm's European offices are located in Geneva, Switzerland and London, England. For further information, contact Don Ankeny at (858) 625-4100 or visit www.westcore.net.

About CT Realty Investors
Since its establishment in 1994, Aliso Viejo, Calif.-based CT Realty Investors has completed more than 200 transactions with value in excess of $2.5 billion through a series of 10 independent discretionary private equity real estate funds, and continues to invest in institutional quality industrial properties, debt instruments, multi-family properties and other income-producing assets. 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 management approach. For further information, contact Carter Ewing at CT Realty at (949) 330-5777 or visit www.ctrinvestors.com.

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 55 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 $11 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
    The Grove Agency Inc.
    Email Contact
    858-751-5959

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