Shidler Group Partner Pays $38.1 Mil for Five Business Parks Totaling 537,345 SF

SAN DIEGO-A private real estate partner of The Shidler Group has acquired a five-property industrial and R&D portfolio for $38.1 million.

Westcore Industrial Properties, a San Diego-based company formed by Marc Brutten, has bought five separate business parks from San Diego Investment Property Group. The properties, in the Miramar, Sorrento Valley and Sorrento Mesa areas, have a combined size of 537,345 sf.

Brutten had formed Westcore to expand the Hawaii-based Shidler Group’s industrial property business in the western United States. The Shidler Group was founded by real estate titan Jay Shidler, who also cofounded First Industrial Realty Trust Inc., a REIT that is one of the nation’s largest holders of industrial property.

The five projects, built between 1978 and 1993, are: the 202,317-sf Miramar West Business Park at 8320-8395 Camino Santa Fe; 117,831-sf Miramar Trade Centre at 7328-7340 Trade St.; Mira Mesa Business Centre, 99,065 sf, at 10307-10309 Pacific Center Court; 57,536-sf Torrey Sorrento II on Roselle Street, and 60,596-sf Scripps Miramar Business Park at 9672-9792 Via Excelencia.

CB Richard Ellis’ central San Diego office, which will handle leasing, represented the buyer and seller in the transactions.