Reno, Nev. (November 4, 2016) - Global Logistic Properties (GLP) sold a 12-building industrial portfolio to Westcore Properties for $54.5 million. Kidder Mathews industrial brokers J. Michael Hoeck, SIOR, Michael Nevis, SIOR, CCIM, Dave Simonsen, SIOR, CCIM, and Steve Kucera, CCIM represented GLP US as the local leasing and market experts, along with Holliday Fenoglio Fowler’s (HFF) Anthony Brent, Ryan Martin, and Scott Pertel, who represented the seller, GLP US in this transaction.
The 12-building portfolio is located within the Sparks industrial submarket and contains a total of 1,170,151 square feet. "Combined with the purchase of Tranche 1 (five industrial buildings) from GLP US on October 3, 2016, this is one of the three largest industrial investment portfolio sales in northern Nevada,' said Hoeck. "The northern Nevada market remains desirable due to its relatively low entry point when compared to neighboring California. Reno/Sparks is a good alternative investment position as the premium West Coast distribution location,' he added.
Westcore Properties has retained Kidder Mathews as the listing brokerage and property manager for their Sparks portfolio.
About Westcore Properties
Westcore Properties, LLC is a real estate investment firm focused on acquiring industrial properties. The firm targets individual and portfolio acquisitions of industrial, warehouse, manufacturing, distribution, research and development and multi-tenant properties. It focuses on investments throughout the western region of the United States and key European markets. The firm's minimum acquisition price is $5 million and minimum acquisition size is 100,000 square feet. Westcore Properties, LLC was founded in 2000 and is based in San Diego, California with additional offices in North America and Europe. For more information, go to westcore.net
About Kidder Mathews
Kidder Mathews is one of the largest independently owned commercial real estate firms on the West Coast, with over 600 real estate professionals and staff in 17 offices in Arizona, California, Nevada, Oregon, and Washington. Kidder Mathews offers a complete range of brokerage, appraisal, property management, consulting, sustainability, and project and construction management services for all property types. The firm performs $4.7 billion in transactions, manages over 37 million square feet of space, and conducts over 1,300 appraisals annually. For more information, visit www.kiddermathews.com.