Westcore forms joint venture, buys first property

In a strategic move to expand its commercial real estate holdings, San Diego-based Westcore Properties LLC announced its first joint venture acquisition after teaming with a new capital partner, Denver-based Dividend Capital Total Realty Trust.

The joint venture recently purchased a property in Santa Clara, Calif., called Jay Street Office Park for $34.7 million. The three-building, class A office property situated on 7 acres is located at 3101-3151 Jay Street and totals 142,552 square feet.

Built in 1999, the property was fully occupied at the time of sale by publicly held Safenet Inc., Vormetric, C-Switch, and others.

"Westcore Properties has primarily been in the business of acquiring value-added properties, said Don Ankeny, president and chief executive officer of Westcore Properties. "We did not have the capital structure to pursue core and core-plus assets on a programmatic basis. With this new joint venture and other arrangements, we hope to grow these businesses over the next few years."

Primary investment targets will include core and core-plus opportunities in areas with vibrant economies primarily in Southern and Northern California, Denver, Phoenix, Las Vegas and the Pacific Northwest, according to a press statement.

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