EverWest Purchases Fully Leased LA County Distribution Facility – Commercial Observer

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The owner of a fully leased 182,275-square-foot retail facility in easternmost Los Angeles County has attracted a major sale a little over a year after acquiring it.

Based in San Diego Stos partner sold its Class A industrial property in Pomona, California in the San Gabriel Valley for $45.9 million after acquiring the asset for $21 million in July 2021.

Headquarters in Denver EverWest acquired the asset at 159 San Antonio Ave. It is fully rented Pregis, a manufacturer and supplier of packaging and protection products. Stos and Cushman & Wakefieldrepresenting EverWest, announced the sale separately.

“The fact that there is a permanent occupier in this property demonstrates the strong demand for prime industrial space by occupiers in the area,” Jason Richards, a partner at Stos Partners, said in a statement. “Tenants have been quick to extend leases and secure their place in the tight Los Angeles market, making this property particularly attractive to investors.”

The 8.5 acre campus is located near the 10 Freeway and State Routes 71, 60 and 57. Cushman & Wakefield’s Jeff Cole said it is also close to the railroad and is a great prospect for renovation or new development. It was originally built in the 1950s and renovated in the 1970s.

According to the latest Industrial Markets Report from Cushman & Wakefield, industrial vacancy rates in the San Gabriel Valley are below 1 percent.

“This quarter we saw an all-time low in vacancy rates in Los Angeles,” Stos said. Tanner Jansen said. “With a vacancy rate of 0.9 percent, the second lowest in the US, Los Angeles continues to be attractive to both occupiers and owners. This asset offers the buyer immediate cash flow and long-term opportunities to create value over the next few years.”

Cushman & Wakefield’s Cole, Bryce Aberg, Jeff Chiat, Mike Adey and Zach Harman represents EverWest. Stos completed the deal internally.

Gregory Cornfield can be reached at [email protected].

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