Westcore Properties LLC completed the sale of a 1.6 million-square-foot industrial portfolio in California’s Silicon Valley for $352.5 million.
Houston-based Hines Interests LP, a privately held development and property management company, acquired the 44-building portfolio of office, R&D, industrial and flex buildings in San Jose, Fremont, Foster City, Sunnyvale, Santa Clara, Redwood City and Campbell.
“The sale of this portfolio was a tactical move for Westcore Properties,” said Donald Ankeny, president and CEO of Westcore Properties. “A strong area of our team’s expertise lies in identifying properties where value can be added, then renovating, repositioning and aggressively leasing space. We accomplished these objectives with this portfolio and felt that the time was right to sell a sizeable amount of our Bay Area holdings. We plan to re-invest some of the capital into other properties in the Northern California region as well as key markets throughout the western states.”
Westcore had purchased the properties in the portfolio two to three years prior and completed 550,000 square feet of leases. In addition, the firm conducted significant improvements to common areas and improved the vacant tenant spaces, making them lease-ready.