EverWest Advisors, of Denver, has acquired a 182,275-square-foot industrial constructing in Los Angeles County’s San Gabriel Valley for $45.9 million, Cushman & Wakefield introduced on Sept. 23.
The vendor was Stos Companions, of San Diego, which reportedly paid $21 million for the asset in July 2021.
The property is on an 8.5-acre infill web site at 159 N. San Antonio Ave. in Pomona, Calif., and is totally occupied by a single tenant. Primarily based on info from CommercialEdge, the tenant seems to be Pregis, a Chicago-headquartered packaging producer.
The Class C property was accomplished in 1952, additionally based on CommercialEdge, and reportedly was renovated within the Nineteen Seventies.
It options 7,200 sq. toes of workplace area, 18 dock- and 12 grade-level doorways, clear heights starting from 19 to 21 toes, and 82 parking areas.
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The property is close to the I-10 freeway and is served by the Union Pacific Railroad.
CJ Stos, a principal at Stos Companions, stated in a ready assertion that the agency leveraged its shut relationships with native brokers to accumulate this asset in 2021. “Upon a profitable yr of possession, we had been capable of capitalize on the sturdy market demand for industrial area in Los Angeles County and safe a premium sale worth for this property,” he stated.
Jason Richards, a accomplice at Stos Companions, added that tenants have been fast to resume leases and safe their spot within the tight Los Angeles market, making the asset particularly fascinating for buyers.
Bryce Aberg, Jeff Chiate, Jeff Cole, Mike Adey and Zach Harman of Cushman & Wakefield’s Nationwide Industrial Advisory Group suggested the vendor.
Tight market
The San Gabriel Valley industrial market enjoys an total emptiness of lower than 1 p.c, based on a second-quarter report from Cushman & Wakefield. This submarket additionally accounted for the most important share of commercial leasing exercise within the second quarter in Higher Los Angeles (which excludes the Inland Empire), with 1.2 million sq. toes, or 25 p.c of the market complete.
In April, Everwest Actual Property Buyers and Invesco Actual Property secured $101.3 million in financing to refinance and end development of 25 North, an industrial complicated within the Denver suburb of Thornton, Colo. JLL Capital Markets positioned the 36-month, floating-rate, non-recourse mortgage with a multinational financial institution.
