Westcore, the industrial real estate acquisition, development and asset management affiliate of Brutten Global, recently entered the Texas real estate market with the purchase of a portfolio of 16 industrial parks from Stonelake Capital Partners. Comprising 3,089,799 square feet in 35 buildings, the industrial parks are located in Dallas, Houston and San Antonio. The purchase has prompted Westcore to open an upcoming office in Dallas or Houston, where most of the industrial parks are located.
“Entering the Texas market is part of our strategic plan, as Dallas and Houston are two of our nation’s largest and best performing industrial markets,” said Don Ankeny, president & CEO at Westcore. “This portfolio of quality, infill industrial parks allows us to gain a large foothold in multiple major markets where we plan to expand our presence.”
The tri-city portfolio is 93 percent leased to 95 diverse tenants. Westcore will undertake exterior cosmetic renovations, roof upgrades, and address deferred maintenance issues throughout its anticipated long-term hold of the portfolio.
Jack Fraker and Jonathan Bryan of CBRE represented Stonelake Capital Partners in the transaction, while Westcore represented itself.