Tony Principe

After working alongside Silagi Development and Management for decades sourcing ground-up development opportunities, acquiring distressed assets, and executing leasing strategies to stabilize a broad range of commercial properties, it became clear the portfolio had reached a point of maturity.

The Western U.S. portfolio consisted of 32 properties across California and Arizona, spanning Class B suburban office, multi- and single-tenant industrial, and neighborhood and regional retail centers, totaling more than ±3.2 million square feet. While the assets had been successfully stabilized and optimized over time, ownership sought to consolidate holdings and realize value at scale.

The challenge was multifaceted: assembling extensive tenant, operational, and financial data across hundreds of tenants; determining a realistic yet aggressive target valuation; packaging the portfolio into a cohesive and compelling investment narrative; and identifying a qualified buyer capable of executing on a transaction of this size and complexity. Compounding the challenge was the fact that the portfolio comprised largely of non-institutional asset types spread across multiple markets and states.

Rather than pursuing a broad, public marketing process, Westcord implemented a highly targeted strategy—focusing exclusively on select institutional real estate funds with the balance sheet strength and internal resources to underwrite and acquire a portfolio of this scale.

We identified groups that historically partnered with regional investment firms and valued local market expertise, allowing the portfolio’s diversification and operational upside to be properly underwritten and appreciated. Through a concentrated outreach effort, Westcord identified the logical institutional buyer in less than thirty days and commenced the due diligence and acquisition process.

Despite ongoing headwinds in the broader financial markets, Westcord managed the transaction through an extended diligence and closing period, coordinating data delivery, negotiations, and execution across multiple asset types and jurisdictions. Ultimately, the transaction successfully closed after nearly one year.

The Silagi Western U.S. Portfolio sale closed at a record price of $463,000,000, delivering a highly successful outcome for all parties involved.

This transaction highlights Westcord’s ability to underwrite, package, and execute complex, multi-asset, multi-state portfolio sales. By creating a clear and compelling investment story and identifying a highly qualified institutional buyer, Westcord successfully navigated a challenging market environment and delivered a landmark portfolio transaction.

The Silagi Portfolio Sale exemplifies Westcord’s expertise in managing sophisticated transactions at scale—combining strategic vision, disciplined execution, and deep market knowledge to achieve exceptional results.