Westcore has bought three industrial buildings in Livermore, including two leased by Tesla, for $326.8 million.
The San Diego-based investor, acting through an affiliate, bought the trio of manufacturing and warehouse buildings at 201 Discovery Drive, 800 Atlantis Street and 801 Challenger Street, the San Jose Mercury News reported.
The sellers were Toronto- and New York-based BentallGreenOak and Maryland-based NewTower Trust. The price paid for each building in Oaks Logistics Center was not disclosed.
The price for the combined properties of nearly 1.3 million square feet works out to $252 per square foot.
The Austin-based electric vehicle maker leases the 635,500-square-foot building at 201 Discovery and the 367,700-square-foot building at 800 Atlantis.
Draexlmaier Automotive of America, based in South Carolina, has occupied the 294,900-square-foot building at 801 Challenger Street since 2017.
As of late June, the buildings had a combined assessed value of $154.3 million, according to the Mercury News, citing county tax records.
Westcore, founded by Marc Brutten in 2000, has spent more than $10 billion to buy more than 1,000 commercial buildings across the U.S., containing more than 100 million square feet, according to its website.
“Westcore is bullish about the fundamentals for industrial real estate,” Don Ankeny, CEO of Westcore, said in a statement. “This strategic investment underscores our commitment to expanding our footprint in growth markets across the United States.”
— Dana Bartholomew