EverWest Pays $37M for 101K-SF Warehouse in Southern California
Deal is equal to $367 per square foot, higher than the $252-per-square-foot average for the region
By Greg Cornfield April 28, 2023 5:35 pm
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EverWest Real Estate is adding to its expansive portfolio with an industrial acquisition in the top warehousing market in the nation.
The investment firm paid $37 million for a 100,815-square-foot development in Southern California’s Inland Empire, according to data provided by Vizzda. The deal is equal to approximately $367 per square foot, significantly higher than the $252-per-square-foot average for the region so far in 2023. Records show the site was owned by an entity named G&S GROUP.
The warehouse was completed on almost 4 acres in 2020 at 10628 Central Avenue in Montclair, Calif., in San Bernardino County. The address ties to Oconca Shipping. Montclair borders Ontario, Calif., one of the busiest submarkets in the region.
The Inland Empire recorded more than $1 billion in industrial real estate sales in the first quarter, according to CommercialEdge. Average rent is $7.77 per square foot, which is 16.3 percent higher than the same period in 2022, and represents more than double the national rate of increase for industrial rents. The region’s vacancy rate is 1.7 percent, below the national average of 3.9 percent rate.
Denver-based EverWest, an affiliate of Sagard, owns office, industrial and multifamily assets across the U.S., and says it expects an uptick in overall leasing activity this year, based in part on its expanded portfolio of office and industrial buildings.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
