{"id":1004456308,"date":"2020-06-15T04:41:40","date_gmt":"2020-06-15T12:41:40","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004456308"},"modified":"2020-06-15T06:39:16","modified_gmt":"2020-06-15T14:39:16","slug":"everwest-real-estate-closes-sale-leaseback-deal","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/everwest-real-estate-closes-sale-leaseback-deal\/","title":{"rendered":"EverWest Real Estate Closes Sale-Leaseback Deal"},"content":{"rendered":"
\"\"<\/a>

1560 E. 6th St. Image courtesy of EverWest Real Estate Investors<\/em><\/p><\/div>\n

EverWest Real Estate Investors, of Denver, has completed a $37 million purchase-leaseback of Magnolia Point, a 210,345-square-foot Class A warehouse\/distribution building<\/a> in California\u2019s Inland Empire West submarket. The building is at 1560 E. 6th St. in Corona, Calif., near the intersection of I-10 and I-15.<\/p>\n

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READ ALSO<\/strong>: Coronavirus Saps Enthusiasm for Spec Warehouse Development<\/a><\/p>\n

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The property is 100 percent leased by Amrapur Overseas Inc., whose lease with EverWest is for seven years. Amrapur is a designer and distributor of retail home fashion textiles, including bed linens, bath linens and curtains. Retailers carrying Amrapur\u2019s products range from Sam\u2019s Club, Walmart, Wayfair and Kohl\u2019s to Nordstrom and Saks Fifth Avenue.<\/p>\n

\"\"<\/a>

1560 E. 6th St. Image courtesy of EverWest Real Estate Investors<\/em><\/p><\/div>\n

Built in 2014, Magnolia Point features 32-foot clear height, 21 dock-high doors, two ground-level doors and a 150-foot truck court. The property also includes more than 27,300 square feet of office space, used as Amrapur\u2019s corporate offices and for a small showroom area, an EverWest spokesperson told Commercial Property Executive<\/em>.<\/p>\n

Richard Schwartz, Joey Reaume and Tommy Gilmore of Colliers International represented EverWest. Jim deRegt of Lee & Associates represented the seller, Padma Laxmi LLC, Amrapur\u2019s parent company. In a prepared statement, EverWest Managing Director Erik Good said that the strength of the industrial sector has made off-market, sale-leaseback transactions like this attractive for both buyers and sellers.<\/p>\n

A sturdy empire<\/h2>\n

In another sale-leaseback deal in December, EverWest bought a metro Los Angeles industrial property<\/a> for $39 million from online computer and consumer electronics retailer Newegg Inc. Similar to the Corona property, the 181,783-square-foot building in City of Industry, Calif., has a substantial office portion of 26,654 square feet.<\/p>\n

Amid the pandemic uncertainty, the Inland Empire industrial market has yet to see major upheavals, according to a first-quarter report from Kidder Mathews. At 4.0 percent, average direct vacancy was almost unchanged from the previous quarter, even as 5.2 million square feet of space was completed and 20.7 million remained in the construction pipeline. Net absorption for the quarter was 6.1 million square feet.<\/p>\n","protected":false},"excerpt":{"rendered":"

In a $37 million off-market transaction, the company acquired a fully occupied Class A industrial property in Corona, Calif.<\/p>\n","protected":false},"author":882,"featured_media":1004456338,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21748,34027,21783,21742,15],"tags":[32763,40101,33612,32762],"class_list":["post-1004456308","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-industrial","category-inland-empire","category-investment","category-latest","category-west","tag-colliers-international","tag-everwest-real-estate-investors","tag-kidder-mathews","tag-lee-associates"],"acf":[],"yoast_head":"\nEverWest Real Estate Closes Sale-Leaseback Deal - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/everwest-real-estate-closes-sale-leaseback-deal\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"EverWest Real Estate Closes Sale-Leaseback Deal\" \/>\n<meta property=\"og:description\" content=\"In a $37 million off-market transaction, the company acquired a fully occupied Class A industrial property in Corona, Calif.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/everwest-real-estate-closes-sale-leaseback-deal\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2020-06-15T12:41:40+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-06-15T14:39:16+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/06\/EverWest-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/everwest-real-estate-closes-sale-leaseback-deal\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/everwest-real-estate-closes-sale-leaseback-deal\/\",\"name\":\"EverWest Real Estate Closes Sale-Leaseback Deal - 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