EverWest Approaches $50M of Southern California Activity in First 30 Days of 2021
February 9, 2021
CARLSBAD/REDONDO BEACH, CA (February 4, 2021) – In the first 30 days of 2021, leading real estate investment company EverWest Real Estate Investors has completed almost $50 million in commercial real estate transactions in Southern California. Representing two industrial and flex/office assets – one in Redondo Beach and one in Carlsbad – the activity underscores a steady demand for high-quality, West Coast investment opportunities.
In Carlsbad, EverWest has completed the $25.25 million acquisition of 3209 Lionshead Ave. The 74,774-square-foot industrial headquarters is fully occupied under a long-term lease by prAna Living, a subsidiary of Columbia Sportswear.
In Redondo Beach, EverWest has completed the $24 million sale of LINQ, a 50,000-square-foot creative office project located at 2400 Marine Ave., just south of El Segundo and adjacent to Manhattan Beach, I-405, and the Redondo Beach MetroLink.
“The prAna headquarters gives us a long-term credit investment in a high-demand Southern California location,” said EverWest Managing Director of Acquisitions Erik Good. “In spite of an uncertain economy, this region continues to experience notable deal volume and stability. San Diego County, in particular, achieved more than 2.3 million square feet of net absorption in 2020 and sustained steady rent growth, driven by life sciences and distribution companies.”
Built in 2009, the parAna headquarters includes a 24’ clear height warehouse and modern creative offices, 130’ truck court, three dock high and four drive-in doors, and proximity to I-5 and I-15.
EverWest acquired LINQ in 2017 in a joint venture purchase with Chilean-based Frontal Trust, an alternative asset management firm with a focus on real estate, private equity in financial services, private debt and infrastructure investments.
The property has a single-story, bungalow-style design with private tenant entrances, glass roll-up doors, a modern lobby, indoor/outdoor workspaces, a tenant common area with a furnished deck, and a wrap-around boardwalk.
Following the acquisition, EverWest built out and leased approximately 10,000 square feet of available space at LINQ as two move-in-ready office suites. The building is now 100 percent occupied, including two national credit tenant anchors.
“LINQ achieved our value-add objectives and secured a sale that exceeds pro forma returns, even during the height of COVID,” said EverWest Managing Director of Asset Management Amr Ceran.
Steve Solomon, Kristen Bowman, and Andrew Harper represented EverWest in the LINQ transaction. The buyer was a high-net-worth investor.
EverWest represented itself in the Lionshead Avenue acquisition. Rick Reeder, Brad Tecca, and Aric Starck of Cushman and Wakefield represented the property sellers, Graymark Capital and Blue Vista.
EverWest continues to seek out value-add acquisition opportunities in U.S. growth markets.
About EverWest Real Estate Investors LLC
EverWest Real Estate Investors LLC, a wholly-owned subsidiary of GWL Realty Advisors, is a real estate investment and operating company based in Denver, Colorado. The company’s goal is to create significant value for investors through a combination of capital appreciation, strategic acquisition, development, capitalization, repositioning, and management of commercial real estate assets. For more information on EverWest, visit www.everwest.com. For more information on GWL Realty Advisors, visit www.gwlra.com.