EverWest Real Estate Closes Sale-Leaseback Deal
- Jun 15, 2020
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 in California’s Inland Empire West submarket. The building is at 1560 E. 6th St. in Corona, Calif., near the intersection of I-10 and I-15.
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’s products range from Sam’s Club, Walmart, Wayfair and Kohl’s to Nordstrom and Saks Fifth Avenue.
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’s corporate offices and for a small showroom area, an EverWest spokesperson told Commercial Property Executive.
Richard Schwartz, Joey Reaume and Tommy Gilmore of Colliers International represented EverWest. Jim deRegt of Lee & Associates represented the seller, Padma Laxmi LLC, Amrapur’s 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.
A sturdy empire
In another sale-leaseback deal in December, EverWest bought a metro Los Angeles industrial property 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.
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.