EverWest Acquires Inland Empire Industrial in $37M Off-Market Deal
June 16, 2020
CORONA, CA (June 11, 2020) – Representing its second major off-market industrial acquisition in just over two months, Denver-based EverWest Real Estate Investors has completed the $37 million, seven-year sale-leaseback acquisition of Magnolia Point – a 210,345-square-foot Class A industrial building in California’s high-demand Inland Empire West submarket.
The building, which is located at 1560 E. 6th Street in Corona, California, sits near the intersection of Interstates 10 and 15. It is 100 percent leased by Amrapur Overseas, Inc.
“A strong industrial sector has made off-market, sale-leaseback scenarios like Magnolia Point an extremely attractive strategy for both the buyer and seller,” said EverWest Managing Director Erik Good, who oversees the company’s Southern California acquisition activity. “We have been actively pursuing and closing deals just like this – involving well-located buildings with a stable tenancy and a solid value trajectory.”
Built in 2014, Magnolia Point is a Class A warehouse/distribution building featuring 32’ clear height, 21 dock-high doors, two ground-level doors, a 150-foot truck court and more than 27,300 square feet of office space.
Richard Schwartz, Joey Reaume and Tommy Gilmore of Colliers International represented EverWest in the acquisition. Jim deRegt of Lee & Associates represented the seller.
EverWest is an active investor and lender across the United States, including regional activity in the Southwestern U.S. spanning industrial, office and multi-family product.
About EverWest Real Estate Investors LLC
EverWest Real Estate Investors LLC, a wholly owned subsidiary of GWL Realty Advisors, is a real estate investment and operating company based in Denver, Colorado. The company’s goal is to create significant value for investors through a combination of capital appreciation, strategic acquisition, development, capitalization, repositioning and management of commercial real estate assets. For more information on EverWest, visit www.everwest.com. For more information on GWL Realty Advisors, visit www.gwlra.com.