Denver-based EverWest Real Estate Partners is growing its presence in Southern California. According to public records, the investment company paid $55 million for a 120,651 square foot industrial building in Ontario. The property was sold by an entity linked to Penwood Real Estate Investment Management.
Located at 1925 S. Grove Ave. on nearly six acres, the property consists of a warehouse and distribution building constructed in 2022 as well as its associated parking. The building is part of the Grove Ontario Commerce Center, according to a marketing brochure from Cushman & Wakefield.
The Grove Ontario Commerce Center is situated just south of the Ontario International Airport amongst numerous other industrial buildings. The area also maintains easy access to other parts of Southern California through nearby State Routes 60 and 83 and Interstates 15 and 10.
Penwood is a Connecticut-based investment and development company founded in 2003. According to its website, the company focuses on investing in gateway markets like Southern California, New York and New Jersey.
The new owner of the property, EverWest, was founded in 2003, and invests in a number of property types across the United States. Currently, the company has $5.5 billion in assets under management and has regional investment offices in New York City, Charlotte, Los Angeles and San Francisco.
Everwest has, for a long time, held a presence in Southern California. Earlier this year, the company paid $17.3 million, or about $314 per square foot, for a 55,000 square foot industrial asset in San Diego. Located at 9431 Dowdy Drive, the property was sold by a joint venture between Stos Partners and Long Wharf Capital.
In September, Stos Partners also sold a 182,275 square foot industrial building in Pomona to EverWest for $45.9 million, or $252 per square foot. The property is located at 159 N. San Antonio Ave. and had previously been acquired by Stos Partners in June of 2021.