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September 28, 2020
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EverWest Real Estate Investors Closes $37 Mil Corona Industrial Buy


Representing its second major off-market industrial acquisition in just over two months, Denver-based EverWest Real Estate Investors has completed the $37 mil, seven-year sale-leaseback acquisition of Magnolia Point – a 210.3k sf, Class A industrial building in Corona.

Built in 2014, Magnolia Point is located at 1560 E. 6th St, east of I-15 and south of the 91 Fwy. The warehouse/distribution building features 32’ clear height, 21 dock-high doors, two ground-level doors, a 150-foot truck court and more than 27.3k sf of office space. It is 100% 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.”

Richard Schwartz, Joey Reaume and Tommy Gilmore of Colliers International represented EverWest in the acquisition. Jim deRegt of Lee & Associates repped the seller.

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