A 1.6 million sq. ft. office and industrial portfolio has traded for $352.5 million. Earlier today, Westcore Properties announced plans to sell the portfolio to Houston-based Hines Interests.
The 44-building portfolio includes office, R&D, industrial and flex buildings in several Bay Area cities. Eastdil Secured represented Westcore Properties in the transaction. Westcore bought the portfolio three years ago for an undisclosed price.
“The sale of this portfolio was a tactical move for Westcore Properties,” says 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,” says Ankeny. “We accomplished these objectives with this portfolio and felt that the time was right to sell a sizeable amount of our Bay Area holdings.”