Westcore Sells 663 KSF Industrial Portfolio
The facilities are located within the Denver and Salt Lake City metros.
Westcore Properties has sold two industrial properties totaling 663,416 square feet situated within the Salt Lake City and Denver metros.
A partnership between Hyde Development and Mortenson Properties acquired the duo. The buyers paid $48.2 million for the Denver asset, while the Salt Lake City acquisition amount remains undisclosed. Cushman & Wakefield, along with CBRE, co-brokered the transaction.
The facilities were part of Westcore’s National Core Industrial Portfolio, a 2.4 million-square-foot collection of industrial space spread across eight properties located in six states.
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The properties are Raceway Commerce Center, totaling 397,894 square feet in West Valley City, Utah, and Potomac Park’s Buildings I and II, encompassing 265,522 square feet in Englewood, Colo.
Executive Vice Chairmen Jeff Chiate and Will Strong, Directors Michael Matchett and John Schreck, together with Senior Director Phillip Eilers made up the Cushman & Wakefield team. Executive Vice Presidents Joe Cesta, Tyler Carner and Jeremy Ballenger with CBRE represented the seller and procured the buyer.
From Denver to Salt Lake City
Raceway Commerce Center includes two buildings at 6075 W State Route 201 Frontage Road and 2234 S 5900 W. It occupies nearly 26 acres, providing easy access to Interstate 215 and being 7 miles from Salt Lake City’s international airport. Westcore acquired it in 2023, in a $52.2 million deal.
Building A totals 211,294 square feet, while Building B encompasses 186,600 square feet. The facilities came online in 2020 and 2022, respectively, and feature rear load configuration, office speculative suites, 32- and 28-foot clear heights, dock-high and grade-level doors, LED lighting and 434 vehicle parking spots.
The second asset is Potomac Park I and II, totaling 265,522 square feet and located at 7955 and 7901 S. Potomac St. The two buildings feature 118,270 square feet and 147,252 square feet. The campus is close to Centennial Airport and is 21 miles from Denver.
Potomac Park’s two buildings include 28 and 30-foot clear heights, 25 dock-high doors each, ESF sprinkler systems, rear load configuration, ample truck courts and 497 vehicle parking spots.
Industrial investment remains consistent
The national industrial investment volume remains steady even during economic uncertainty, with year-to-date sales volumes almost reaching those of the previous two years, a recent Yardi Matrix report shows. As of July, investors in the country generated some $33.8 billion within the sector, with assets selling at an average of $129 per square foot.
Recent notable deals include the nearly $168 million purchase of an 889,352-square-foot, eight-property small-bay light industrial portfolio by BKM Capital Partners and Kayne Anderson Real Estate in metro Phoenix. The joint venture picked up the collection from an affiliate of Equus Capital Partners Ltd. earlier this month.
In Southern California, MetLife Investment Management sold its Golden Coast Portfolio, a nearly 600,000-square-foot collection to three separate buyers for a total of $165.5 million. Cushman & Wakefield worked on behalf of MetLife.
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