Union City, Calif. – April 16, 2012– Colliers International is pleased to announce Westcore Properties has completed the acquisition of Central Plaza, a three building multi-tenant project totaling ±170,086 square feet in Union City. Central Plaza is located at 33300-33450 Alvarado-Niles Road and 33500-33580 Central Avenue, and is comprised of warehouse, office, and retail spaces. “This is a great opportunity for Westcore to acquire a Class “A” Business Park at well below replacement cost in a dramatically improving market”, said Mark Maguire, Senior Vice President of Colliers International in Oakland. Westcore will begin extensive capital renovations to the property immediately. Central Plaza is currently 58% occupied with available spaces ranging from ±20,425 square feet to ±1,200 square feet.
“Westcore has a proven track-record of identifying value-add properties and implementing repositioning strategies to increase their marketability. Central Plaza fits their portfolio and company strategy very well”, said Kevin Hatcher of Colliers International. Westcore Properties has completed nearly $700 million in transaction volume since 2009.
Mark Maguire and Kevin Hatcher of Colliers International’s Oakland office represented the Buyer, Westcore Properties in this transaction and have been retained as the exclusive leasing representatives for the property. Mark Melbye with GVA Kidder Matthews represented the Seller, Central Plaza – Union City, L.P. The terms of the transaction are undisclosed.
About Colliers International
Colliers International is the third-largest commercial real estate services company in the world, with over 12,300 professionals operating out of more than 520 offices in 62 countries. A subsidiary of FirstService Corporation (NASDAQ: FSRV; TSX: FSV and FSV.PR.U), it focuses on accelerating success for its clients by seamlessly providing a full range of services to real estate users, owners and investors worldwide, including global corporate solutions, brokerage, property and asset management, hotel investment sales and consulting, valuation, consulting and appraisal services, mortgage banking and research. Commercial Property Executive and Multi-Housing News magazines ranked Colliers International the top U.S. real estate company. The latest annual survey by the Lipsey Company ranked Colliers International as the second-most recognized commercial real estate firm in the world.
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