June 15, 2020
Denver-based EverWest Real Estate Investors completed the $37-million, seven-year sale-leaseback acquisition of Magnolia Point, a 210,345-square-foot industrial building in California’s high-demand Inland Empire West submarket.
The property is located at 1560 E. 6th St. in Corona. The transaction includes a seven-year lease back that was executed at the close of escrow with Amrapur Overseas, a high-end bedding company.
EverWest’s Erik Good says, “A strong industrial sector has made off-market, sale-leaseback scenarios like Magnolia Point an extremely attractive strategy for both the buyer and seller.”
The 2014-built Class A warehouse/distribution building features 32-foot clear heights, 21 dock-high doors, two ground-level doors, a 150-foot truck court and more than 27,300 square feet of office space.
Colliers International’s Richard Schwartz, Joey Reaume and Tommy Gilmore represented the buyer. Lee & Associates’ Jim deRegt advised the seller, Padma Laxmi, LLC.
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