Westcore has acquired a portfolio of two distribution warehouses in California for a combined total of more than 1.4 million square feet of space, according to media outlets.
The total sales price was $108 million.
The seller was Kimco Realty Corp.
Both buildings are fully leased to Rite Aid with 20-year leases. The Lancaster warehouse comprises 926,860 square feet, and the Woodland warehouse is 508,000 square feet.
“Increased tenant demand and lack of industrial supply in the Greater Los Angeles and Inland Empire regions has accelerated industrial warehouse needs in emerging markets such as Lancaster,” said Hack Adams, Westcore managing director, in an article. “Equally compelling is the fact that the underlying real estate is highly functional. It features generous truck courts, abundant overflow trailer parking and clear heights that meet tenants’ modern-day demands.
