San Diego CA— CBRE has announced a $150 million equity raise for Westcore Properties, a San Diego-based commercial real estate investment company specializing in industrial assets.
Mark McGovern of CBRE structured and closed the $150 million equity facility with an institutional investor. The partnership will utilize third party debt to increase their buying capacity to over $400 million.
“After recently ending its long-term relationship with a capital provider, Westcore was interested in forming a programmatic joint venture in order to acquire industrial assets nationwide,” said McGovern. “Westcore is a very successful and accomplished owner and developer of industrial projects and will benefit from a capital provider who is motivated to efficiently acquire a dynamic portfolio.”