San Diego–based real estate company Westcore Properties has received $550 million in commitments from two entities, unlocking $1.25 billion in purchasing power to invest in U.S. industrial properties over the next two-to-three years, according to several media sources.
One of the backers was reportedly the Arizona State Retirement System, while the other was an unidentified insurance company.
The firm has plans to target core-plus properties in the industrial market via separate accounts, according to Real Estate Alert. Westcore also plans to add $100 million of its own capital as a co-investment.
