EverWest JV Lands $13M for CA Industrial Property
- Aug 28, 2018
A joint venture between EverWest Real Estate Investors and an investment partner has landed $12.8 million in financing for three industrial distribution and warehouse buildings in City of Industry, Calif.
Located at 341-345 N. Baldwin Park Blvd., the properties comprise a total of 165,681 square feet. The single-story buildings feature dock levelers and bumpers, truck courts ranging from 60 to 250 feet, loading doors, 6-inch floor thickness, sky lights, insulated ceilings, mezzanine levels, ESFR fire sprinklers, 25- to 26-foot clear heights, 186 parking spaces, 33 loading docks, 37-foot wide driveways and dedicated office space. The assets are located 17 miles from downtown Los Angeles, 33 miles from the ports of Los Angeles and Long Beach and 1 mile from the on-ramps for interstates 605 and 10.
An HFF debt placement team led by Director Matthew Stewart worked on behalf of the borrower to arrange the 10-year, non-recourse loan at a 4.2 percent fixed rate with a correspondent insurance company. HFF will also service the loans.
“The property is located in one of the strongest industrial markets in the country and will benefit from continued rent growth and decreasing market vacancy,” Stewart told Commercial Property Executive.
Last month, in a joint venture with CenterSquare Investment Management, EverWest Real Estate Investors sold The Madison, a Class A office campus in Phoenix’s Camelback Corridor. This sale represents a $165 million, 24-month transaction and renovation push within metro Phoenix for EverWest.
Image courtesy of Yardi Matrix