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CORONA, CALIF.,October 26, 2004 – Westcore Corona Plaza, LLC, an affiliate of Westcore Properties, LLC, a California-based entrepreneurial real estate investment company and its partner in the transaction, Longwing Real Estate Ventures, LLC, a New York-based private real estate investment company, have acquired Corona Main Street Plaza, a four-building retail center totaling 92,045 square feet for $11.85 million in Corona, CA. The seller was MRES America Fund 92-I. The 8.8-acre property is located at 300 – 470North Main Street, just north of the 91 Freeway.
Tom Lagos and Ken McLeod of the of the West Los Angeles office of Grubb & Ellis represented Westcore Properties and Bryan Shaffer and Ray Dapp of the Torrance office of Mitsui Real Estate Sales USA represented the seller in the transaction.Corona Main Street Plaza is 100 percent occupied and is anchored by Rite-Aid. Other tenants include Citibank, The Learning Center and Alexander Arman Salon. “The center is in a strong location in the high growth area of Corona with a retail vacancy rate of just six percent,” said Gary Katz, director of acquisitions for Westcore Properties. “In addition, Corona Main Street Plaza offers a possible redevelopment opportunity in the future.”
Katz added thatthis is the second retail property Westcore has acquired in Corona over the past 90 days. The company’s first acquisition in the city was a 35,000-square-foot Sears Outlet store, acquired as a long-term leasehold interest and is located almost adjacent to Corona Main Street Plaza.
Westcore Properties,a private, San Diego-based company has been an aggressive investor with more than $200 million in industrial, retail and office property acquisitions over the past 18 months. Earlier this month, Westcore Properties acquired Alpine Creek Center, a six-building, 73,402-square-foot retail center, for $8.6 million in Alpine, CA (east San Diego County), as well as Monarch Industrial Center, a three-building industrial center totaling 277,037 square feet for $15.3 million in Garden Grove, CA. In addition, the company recently announced the opening of its Northern California office in response to a recovering market in that region as well.
“Even in a tight investment market, Westcore Properties is growing and enjoying strong activity,” said Marc Brutten, president and CEO of Westcore Properties. “This is because we not only have the financial scale and capabilities of an institutional investor, but the entrepreneurial instinct and ability to make rapid decisions and close deals quickly.”
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