Team also negotiates last–minute lease bringing center to full occupancy; Schwartz leads down-to-wire negotiations on both deals
INDUSTRY, CA – August 14, 2017 – A team of industrial brokers from Colliers International not only completed negotiations on the recent $20.86 million acquisition of a three-building industrial investment package in the City of Industry, but, at the same time, announced that the development had reached 100 percent occupancy as the result of a five-year lease agreement consummated simultaneous to the purchase.
Colliers Executive Vice President Richard Schwartz and Associate Joey Reaume represented Denver-headquartered and privately held EverWest Real Estate Partners, an investment, management and operating company formed in 2015 with six offices in the U.S., including one in Southern California. Its predecessor company was Alliance Commercial Partners.
As they were negotiating the acquisition package for EverWest, the Colliers team, in a separate transaction unrelated to the EverWest purchase, was navigating the terms of a 5-year lease agreement for the only space remaining available in any of the three buildings. A China-based import/export firm will occupy 46,777 square feet, bringing the project to full occupancy.
“EverWest’s acquisition in this highly sought-after, urban-infill marketplace was so competitive that had they not stepped up to the table when they did, with an airtight offer, we had at least a dozen fully qualified backup offers just waiting in the wings, ready to complete this deal,” said Schwartz. “So central to the greater L.A. region is the development, being located right in the middle of the largest population center in the entire nation, it will appeal, over time, to logistics firms competing in next-day, or even same-day, delivery of online ordered goods. There just isn’t enough available space right now to meet the non-stop demand for urban logistics sites.”
Located at 341-345 N. Baldwin Park Blvd. and built in 1969 and completely renovated in 2006, the structures are situated on some 7 acres adjacent to Baldwin Park Boulevard and east of the San Gabriel River Freeway (I-605). The concrete tilt-up constructed buildings sizes – 45,000 square feet, 46,000 square feet, and 70,000 square feet. They feature the traditional industrial building amenities, high end office build outs with warehouse and dock-high loading platforms.
“With a sub-1% vacancy rate in the City of Industry industrial market, developers are looking, are in vain for older properties to tear down and in their place build brand new logistics buildings,” said Reaume. “That’s why property values have risen to highs never seen before for Class B and C properties, making the demand/supply imbalance impossible.”
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