Westcore Snags Seven-Property Mountain West Portfolio

Westcore recently acquired the Mountain West portfolio of seven properties, consisting of four in Phoenix and three in Denver, for an undisclosed sum. The four properties in Phoenix include nine buildings, predominantly multi-tenant in nature, encompassing 460,214 square feet, and three single-tenant buildings in Denver for a combined total of 224,184 square feet.

“Phoenix and Denver are both extremely healthy industrial markets with very limited options for tenants looking of smaller suites in the 10,000 to 75,000 square foot range,” said Hack Adams, Westcore managing director. “The acquisition of these infill and functional projects, currently fully occupied, come with significant upside due to the 2.5 years of weighted average lease term in the portfolio, coupled with the meaningful rent growth being achieved in each market.”

Westcore plans to upgrade many of the properties including roof replacements in Phoenix. Throughout the portfolio, upgrades will also include cosmetic enhancements of paint, landscaping and asphalt as well as improvements of office suites as leases roll.

Will Strong and Greer Oliver of Cushman & Wakefield represented the undisclosed seller while Westcore was self-represented. Westcore relied on local market expertise from Jeff Conrad of Lee & Associates and Jackie Orcutt of CBRE in Phoenix, and Drew McManus of Cushman & Wakefield in Denver.