EverWest Snags Fully Leased Industrial Building in the Inland Empire
The building was constructed in 2014 with 210,350 square feet
EverWest Real Estate Investors has acquired a fully leased industrial facility in California’s Inland Empire in a $37 million deal, the firm announced.
The off-market acquisition includes a seven-year leaseback with Amrapur Overseas, Inc. for the 210,350-square-foot Magnolia Point development, located at 1560 East 6th Street in the city of Corona at the western-most part of Riverside County. The firm did not disclose terms of the lease, and was not immediately available for comment.
A source familiar with the deal told Commercial Observer that the rent is rumored to be in the upper $0.60-per-square-foot range, resulting in a roughly 4.5 percent cap rate on purchase.
Property records show the facility was owned by Padma Laxmi, LLC, which is tied to Amrapur, which manufactures and distributes linens, fashion textiles and more. It’s run by Harry and Chandru “Kevin” Wadhwani, and managed by Wadhwani Laxmi. Amrapur also did not immediately return requests for comment.
The building was constructed in 2014 and is located near the intersection of Interstates 10 and 15.
“A strong industrial sector has made off-market, sale-leaseback scenarios like Magnolia Point an extremely attractive strategy,” said EverWest managing director Erik Good, who oversees the company’s Southern California acquisition activity.
The Denver-based firm is an active lender across the country with industrial, office and multi-family assets. In April, EverWest and Bank OZK provided $305 million in construction financing for a 1-million-square-foot distribution facility in New York City.
Richard Schwartz, Joey Reaume and Tommy Gilmore of Colliers International represented EverWest in the acquisition. Jim deRegt of Lee & Associates represented the Amrapur Overseas.