FREMONT, Calif. – Jan. 20, 2014 – In a region where high-quality warehouse buying and selling is virtually nonexistent, Westcore Properties agreed to sell a 255,000 square-foot warehouse building to CW Kato Investors, LLC, doing business as Homelegance, Inc., a California-based wholesale furniture manufacturer for $20.8 million.
Located at 47550 Kato Road in Fremont, Calif., and situated between two of the most populated cities in California – Oakland and San Jose – the building is set on 13.3 acres and benefits from high visibility due to its location abutting I-880 on the east side of the highway. Westcore Properties initially bought the property in 2012 as part of a $45.6 million portfolio.
“The demand for this type of property encouraged us to sell a portion of this portfolio rather than lease the building,” said Don Ankeny, president and CEO of Westcore Properties. “The Kato property’s numerous assets such as close proximity to major freeway arteries, international air and sea ports and location in an attractive community provided high demand from potential buyers.”
The Kato property has 37 dock-high doors, 210 parking spaces and outstanding visibility and signage along I-880. Located in the core of Silicon Valley, the Kato property is conveniently served by two interstates, multiple rail transport lines, three airports and the fifth largest port in the country – the Port of Oakland. The transaction was brokered by Craig Bevan and Doug Norton of CBRE for Westcore Properties, and Casey Ricksen of Colliers International for Homelegance.
“These transactions are significant because they don’t happen every day,” said Victoria Grether, vice president of asset management at Westcore Properties. “A good opportunity was presented to us and we reacted quickly and efficiently to get the deal done.”
About Westcore Properties
Westcore Properties is a private, entrepreneurial commercial real estate investment firm with a specialized focus in the western United States and key European markets. Since its founding in 2000, Westcore Properties and its affiliates have acquired and managed more than $3.9 billion in industrial and office assets comprised of more than 550 buildings totaling over 26 million square feet. In addition to its U.S. headquarters in San Diego, Westcore Properties has regional offices in San Francisco, Sacramento, Irvine and Denver. The firm's European offices are located in Geneva, Switzerland and London, England.