In a joint venture with a fund managed by DRA Advisors, a New York-based investment advisor, Westcore Properties has added more than 24 million square feet to its U.S. commercial real estate holdings with the purchase of an industrial portfolio from the Joe Benvenuti Company. The 110 buildings acquired by Westcore and DRA in the transaction include 8.0 million square feet in Sacramento, as well as 1.9 million square feet in St. Louis and 1.0 million square feet in Indianapolis. The sale followed the death of Joe Benvenuti earlier this year in May and was made by JB Properties. Jones Lang LaSalle's Sacramento office represented both sides in the transaction and said it was the largest industrial real estate acquisition in California this year and the second largest nationally, according to a San Diego Union-Tribune article.
"We have been long- term believers in industrial markets supported by ports and agri-business, which has led us to invest heavily in greater San Francisco as well as the San Joaquin and Central Valley areas of Northern California," said Marc Brutten, Chairman and Founder of Westcore Properties. "This acquisition gives us a strong foothold in Sacramento, a stabilizing market that has an outstanding distribution and transportation network."
"DRA has always been an active investor in industrial space, typically acquiring individual, value-added opportunities," said David Luski, President of DRA Advisors. "We are pleased to have made two larger portfolio acquisitions in the sector this year, as we like the cash flow attributes and opportunity to add value operationally, while benefiting from improving market conditions."
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