EverWest Unloads Uber-Leased Creative Office in LA for $24M
The investment firm has closed on $50 million in Southern California so far in 2021
Real estate investment firm EverWest Real Estate Investors has unloaded a creative office in the coastal city of Redondo Beach in Los Angeles’ South Bay.
Hawk Ventures acquired the 50,000-square-foot project for $24 million, or roughly $480 per square foot, JLL announced today. It’s fully leased to multiple tenants, including Uber.
The building, named LINQ, is located at 2400 Marine Avenue, just south of El Segundo and adjacent to Hermosa Beach and Manhattan Beach. EverWest acquired it in 2017 in a joint venture with Chilean-based Frontal Trust, an alternative asset management firm. Property records show it traded for $17.85 million.
LINQ is about 2.5 miles south of The Collection, a 50,000-square-foot office redevelopment by Federal Realty Investment Trust, as well as Hackman Capital Partners’ big office redevelopment at 888 North Douglas Street, which recently reeled in a 280,000-square-foot lease with Beyond Meat.
JLL’s most recent office report showed that El Segundo and the surrounding Beach Cities area posted an average asking rent of $4.11 per square foot in the fourth quarter of 2020, leading the overall South Bay market’s $2.99 per square foot average. Steve Solomon, Kristen Bowman and Andrew Harper with JLL represented EverWest in the LINQ transaction. Hawkwood Ventures represented itself.
“While the COVID pandemic has slowed office investment and leasing activity, investors and tenants are still moving on well-located properties with strong fundamentals to achieve their goals,” Solomon said in a company release. “The South Bay continues to be extremely active as companies recognize the area’s strong employment base, amenities and premier location.”
With LINQ, EverWest completed almost $50 million in transactions in Southern California so far in 2021. Last month, the firm acquired a 74,800-square-foot industrial development in the city of Carlsbad in San Diego County for $25.25 million. The property at 3209 Lionshead Avenue is fully occupied and the headquarters for prAna Living, a subsidiary of Columbia Sportswear.
Last summer, EverWest also acquired a fully leased industrial facility in California’s Inland Empire for $37 million.