EverWest Closes $25M Industrial-Office Lease in Southern California
Action Sales signed the 64-month contract with an option to extend
By Greg Cornfield October 11, 2023 4:30 pm
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EverWest Real Estate secured a new tenant to take over all of a 181,730-square-foot corporate office and distribution property in Southern California’s San Gabriel Valley, which has seen a recent uptick in activity.
Action Sales, a food service equipment and supplies company based in the San Francisco Bay Area, signed a 64-month lease with an option to extend in a deal valued at more than $25 million. Action Sales will use the property as its corporate headquarters as well as a major distribution hub.
DAUM Commercial Real Estate Services announced the lease in the City of Industry, and also represented the tenant.
The building at 17708 Rowland Street was a former distribution site for online technology retailer NewEgg. Records show EverWest acquired the site from Newegg for $38.5 million in November 2019.
Daum’s Dennis Sandoval said Action Sale’s search for a property in which to consolidate its corporate offices and also host a major distribution facility has been going on for years. The Class A industrial property was built in 1998 over 8 acres.
“The San Gabriel Valley is seeing excellent absorption for good-quality industrial property,” Sandoval added. “From exuding a strong corporate image to giving ample room for growth, the new headquarters (for Action Sales) is well suited to serve the greater Los Angeles Basin and Southern California market.”
Indeed, the San Gabriel Valley has seen a rise in real estate investment. For example, Longpoint Realty Partners purchased the John Reed Commerce Center industrial portfolio in the City of Industry for $80 million, and Eastern Los Angeles Regional Center signed a 10-year lease to expand its space at The Alhambra office campus in Alhambra, Calif. Also, Chateau Group USA sold a mixed-use project with 127 residential units and 50,000 square feet of retail for $125 million in the summer.
On the Rowland Street lease, Mike Fowler of JLL (JLL) represented EverWest. Sandoval represented Action Sales along with Kurt Yacko of Daum.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
