ST. LOUIS – Cassidy Turley, a leading commercial real estate services provider in the U.S., announced that it was selected by Westcore Properties, an international real estate acquisitions firm with a specialized focus on well-located multi-tenant industrial and office properties, to manage approximately 11.1 million square feet of industrial, office and retail space in Northern California as well as industrial space in Indianapolis and St. Louis.
A Westcore partnership with DRA Advisors acquired the 126-building portfolio from the Joe Benvenuti Co. last year, and the portfolio spans multiple markets, including 8 million square feet in Sacramento, 1.9 million square feet in St Louis and 1 million square feet in Indianapolis
“Given the fact that industrial portfolios of this size do not trade very often, we are excited to be selected by Westcore Properties and DRA Advisors to manage the entire portfolio,” said Paul Klink, Managing Director and Principal of Cassidy Turley in San Diego. “Our ability to quickly transition such a large portfolio – combined with our knowledge of these local markets – will help create value and ensure Westcore and DRA’s operations’ strategy is well supported.”
“We are excited to expand our relationship with Cassidy Turley,” said Matthew Bateman, Managing Director of Operations for Westcore Properties. “This is a large portfolio, and we’re very confident Cassidy Turley will provide outstanding property management. Cassidy Turley has a strong presence in all of these markets, and their expertise will not only benefit our business needs, but more importantly, it will benefit the tenants of these premier properties.”
Paul Klink was instrumental in securing the assignment, which involved a formal request for proposal and multiple levels of interviews. Additionally, the longstanding relationship between Klink and Westcore's principals provided the foundation for this new business.
About Westcore Properties
Westcore Properties (www.westcore.net) is a private, entrepreneurial commercial real estate investment firm with a specialized focus in the western United States and key European markets. Since its founding in 2000, Westcore Properties and its affiliates have acquired and managed more than $3.9 billion in industrial and office assets comprised of 550 buildings totaling over 25 million square feet. In addition to its U.S. headquarters in San Diego, Westcore Properties has regional offices in San Francisco and Denver. The firm's European offices are located in Geneva, Switzerland and London, England.
About DRA Advisors LLC
DRA Advisors LLC is a New York-based registered investment advisor specializing in real estate investment management services for institutional and private investors, including pension funds, university endowments, foundations, and insurance companies. Founded in 1986, the firm currently manages over $10 billion in assets, including 16 million square feet of office space, 21 million square feet of industrial properties, 20 million square feet of retail space and 43,000 residential units. Additional information about DRA can be found on the company's website at www.draadvisors.com.
About Cassidy Turley
Cassidy Turley is a leading commercial real estate services provider with more than 3,700 professionals in more than 60 offices nationwide. The company represents a wide range of clients—from small businesses to Fortune 500 companies, from local non-profits to major institutions. The firm completed transactions valued at $22 billion in 2011, manages 455 million square feet on behalf of institutional, corporate and private clients and supports more than 28,000 domestic corporate services locations. Cassidy Turley serves owners, investors and tenants with a full spectrum of integrated commercial real estate services—including capital markets, tenant representation, corporate services, project leasing, property management, project and development services, and research and consulting. Cassidy Turley enhances its global service delivery outside North America through a partnership with GVA, giving clients access to commercial real estate professionals in 65 international markets. Please visit www.cassidyturley.com for more information about Cassidy Turley.