Westcore adds $500m commitment from Arizona State Retirement System

Westcore, an industrial real estate acquisition, development and asset management firm, has secured a new $500 million commitment from Arizona State Retirement System (ASRS).

Westcore said the investment, combined with a previous capital commitment from ASRS and backing from two other life insurance companies, will provide a combined $1.3 billion in institutional equity capital for the firm.

During 2020, Westcore acquired more than $1 billion worth of industrial real estate, comprising more than 11 million square feet of building space. The Westcore portfolio covers 10 states across the United States, with additional states slated for 2021. Westcore also currently has 1.8 million square feet of new warehouse space in development in three national markets.

The latest commitment supports the firm’s expansion into growth markets across the United States, offering high-quality core-plus and value-added institutional industrial investment and development opportunit