
CBRE Finalizes $150M for Westcore’s Natl. Industrial Investments
San Diego’s Westcore Properties has closed a new $150 million, separately managed equity raise with a single institutional investor, structured on its behalf by CBRE.
Funds for the programmatic account will be paired to a co-invest from Westcore for approximately $400 million in buying power (with leverage) for industrial real estate acquisitions similar to the company’s recent $26-million acquisition of a Vista, CA value-add industrial asset reported by Connect Media.
CBRE’s Mark McGovern structured and placed the funding with a single institution.
According to CBRE’s McGovern, “After recently ending its long-term relationship with a capital provider, Westcore was interested in forming a programmatic joint venture in order to acquire industrial assets nationwide. Westcore is a very successful and accomplished owner and developer of industrial projects, and will benefit from a capital provider who is motivated to efficiently acquire a dynamic portfolio.”
For comments, questions or concerns, please contact Chris Egger
- ◦Financing