Westcore Closes Large Commercial Real Estate Deal In California
On behalf of The Law Office of Lynnette Ariathurai, A Professional Corporation posted in Commercial Real Estate on Saturday, December 29, 2012.
Purchasing commercial real estate is an important investment and could be quite lucrative if one makes the right decisions. Larger commercial real estate purchases have the potential to reap larger rewards. Westcore Properties has recently made the largest industrial real estate purchase in California for 2012. The property, which is valued at $760 million, is also the second largest acquisition in the U.S. during the same year.
The company had purchased the properties from a well-known real estate developer with significant respect within the local community. The CEO of the company says he will continue to follow through with the development plans designed by the creator of the commercial property. The purchase came after the developer's heirs decided to liquidate most of his assets after his death.
This major acquisition included most of the deceased developer's 13 million square feet of commercial real estate properties. However, not all of the properties were located in California. There were a few properties located out-of-state, which Westcore had acquired as part of the deal. These were predominantly light industrial buildings, distribution centers and office buildings.
When making large commercial real estate acquisitions, such as this one in California, one should make sure to comply with all of the necessary legal rules and regulations. This may require significant knowledge of various fields of law, depending upon the type of businesses that will be operated out of the properties. Those that do not ensure compliance run the risk of a variety of consequences, including the possibility of large fines.
Source: Realty Biz News, "Westcore Properties Closes Massive Commercial Real Estate Deal in Sacramento," Alina Popescu, Dec. 21, 2012