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8/15/17
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EverWest Real Estate Partners, a privately held real estate firm out of Denver, has acquired a three-building, 161k sf industrial complex in the City of Industry in a recent $20.86 mil ($130/sf) purchase. In a separate transaction that took place as the purchase was being negotiated, a China-based import/export firm signed a five-year lease for the last remaining, 46.8k sf, space within the three buildings, bringing the property to full occupancy.
Built in 1969 and completely renovated in 2006, the three buildings are situated on about seven acres at 341-345 N. Baldwin Park Blvd, adjacent to Baldwin Park Blvd and east of the San Gabriel River Freeway (I-605). The concrete tilt-up buildings are 45k sf, 46k sf and 70k sf in size. They feature the traditional industrial building amenities, high-end office build-outs with warehouse and dock-high loading platforms.
Richard Schwartz and Joey Reaume with Colliers represented EverWest, whose predecessor company was Alliance Commercial Partners. According to Schwartz, the sale listing was extremely competitive generating at least a dozen fully qualified backup offers in addition the buyer’s offer.
“With a sub-1% vacancy rate in the City of Industry industrial market, developers are looking, are in vain for older properties to tear down and in their place build brand new logistics buildings,” said Reaume. “That’s why property values have risen to highs never seen before for Class B and C properties, making the demand/supply imbalance impossible.”
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