Visalia, Calif. – Jan. 24, 2014 – Westcore Properties reached an agreement with OnTrac, a package delivery service operating in the eight western states, on a $1.4million lease, enhancing OnTrac’s business operations and helping create a positive economic impact in Central California for the next half decade.
The 65-month lease agreement is for the building located at 9860 Ferguson Ave.,Visalia, Calif. Built in 2009, the property was acquired by Westcore Properties in 2011 and OnTrac will occupy 89,301 square feet of space in the 140,775 square foot building. The space will be used for administration functions, warehousing, and distribution and delivery of overnight packages. The target move-in date for OnTrac is late spring 2014.
“This is a great partnership for Westcore Properties. We were able to help a tenant find a value creation opportunity by identifying a creative space solution to fulfill their long-term needs,” said Hack Adams, senior vice president of leasing at Westcore Properties. “We look forward to working with OnTrac and are excited to see their operations thrive in the San Joaquin Valley.”
The number of OnTrac employees working in Visalia will increase from eight to 70, creating new opportunity for jobs and giving the local economy a boost.
"The City of Visalia is pleased that Westcore Properties and OnTrac reached thislong-term lease agreement," said Visalia Mayor Steve Nelsen. "The additional employees OnTrac will bring to the city is a welcome boost to our local economy."
Situated near two major highway corridors, the Ferguson property has 16 dock-high loading doors and more than 140 parking spaces. The four year-old building is shared adjacently by Stihl, a leading manufacturer of handheld power equipment. The agreement’s brokers were Colliers International on behalf of OnTrac and Burr Commercial on behalf of Westcore Properties.
“Westcore has been great to work with,” OnTrac Chief Financial Officer Thomas Fischer said. “They have been very proactive and helpful to get this transaction closed and get us in the building as soon as possible.”
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.
OnTrac is a Chandler, Arizona-based company, and a recent honoree of the Supply and Demand Chain Executive Green Supply Chain Awards. The parcel delivery company provides overnight shipping at ground rates to the major metropolitan areas of California, Arizona, Washington, Oregon, Utah, Nevada, Colorado and Idaho. The three divisions of OnTrac, Overnight, Messenger and International Mail, offer customers a broad range of services and encompass an extensive geographicalarea. OnTrac has supported each shipment with a Money Back Service Guaranteesince they started their overnight division in 1991. As a SmartWay partner,OnTrac promises to do its part to save the environment, getting shipments delivered with cleaner air.