San Diego-based Westcore Properties has acquired a Southern California industrial portfolio from a real estate investment arm of MetLife for $69.4 million.
A Westcore statement said the purchase included eight buildings located in four developments, totaling 634,289 square feet in Buena Park, San Dimas, Ontario and La Mirada.
All of the acquired buildings are at full or near-full occupancy, with tenants including Isuzu Motors, Hochiki America Corp., Western Pacific Storage, Kelleher Corp. and Spartech Polycom. The buildings were constructed and expanded primarily in the 1970s and 1980s.
Westcore officials said the deal brought the company’s Southern California commercial portfolio to more than 2.5 million square feet. Senior Vice President Hack Adams said the latest acquisition will allow Westcore to capitalize on continued strength in the Class B industrial markets of the Inland Empire , Orange County and other parts of the region.
MetLife, also known as Metropolitan Life Insurance Co., was represented in the transaction by Darla Longo and Barbara Emmons, of brokerage company CBRE Group Inc.