EverWest Acquires Core Office Asset

April 18, 2017

EverWest Real Estate Partners, in partnership with Independencia, is pleased to announce the acquisition of South Towne Corporate Center, one of the premier Class  "A" suburban office projects in the Salt Lake City market.  Completed in 2000 and 2006, the property is comprised of two best-in-class, six story office buildings, encompassing a total of 262,219 rentable square feet and situated on 10.7 acres. 
South Towne Corporate Center is strategically located within Salt Lake City's technology corridor - the "Silicon Slopes" - comprised largely of biotechnology, education, retail, and creative firms.  This submarket is located 13 miles south of Downtown Salt Lake towards the southern end of the Salt Lake County.  
The properties feature dramatic two-story wood and stone-clad lobbies, efficient floor plates, three high speed elevators in each building, base storage, "smart building" high-tech features such as CAT 6 wiring and computer-controlled access monitors, upgraded electrical and command security systems, and a 5.9.1,000 USF parking ratio provided in a combination of service and structured parking stalls. 
Larry Lance, Managing Partner with EverWest, comments, "EverWest is excited with this initial investment in the Salt Lake City market - the millennial growth, educated labor force, and expanding tech base position this market as an attractive strategic expansion for EverWest.  The quality of the assets and tenant profile complement our growing portfolio with Independencia and we're ethusiastic to complete another investment in this partnership." 
Juan C. Sanchez, of Independencia Asset Management, noted, "We are very excited with our Core Properties Portfolio that we are acquiring together with EverWest.  South Towne Corporate Center, Sandy, Utah became the fourth investment from our partnership with EverWest, and we hope to continue investing in the Mountain West region in the upcoming years."

EverWest Redevelops Industrial Site to Creative Office

April 13, 2017

EverWest Real Estate Partners, in partnership with WHI Real Estate Partners L.P. is pleased to announce the acquisition of 2498 E. 6th Street.  
The property is located in East Austin, Texas, a rapidly gentrifying micro-market within 1.5 miles from the center of the Austin CBD and a 10 minute walk to the light rail station.  The East Austin neighborhood is quickly becoming one of the most progressive areas of Austin. 
This asset currently consists of four tracts totaling 3.06 acres with two adjacent warehouse buildings which will be repurposed and converted to creative office space.  The rehab will include an additional 15,000 square feet of mezzanine office space, which will bring the fully rehabbed square footage to 80,000 square feet. The remaining area will provide parking for the facility.
Once completed, the development will deliver Class A creative office space that is unique to the market and difficult to replicate.  Construction is scheduled to commence 2nd quarter of 2017 and delivered to the market 4th Qtr 2017 - 1st Qtr. 2018.
Larry Lance, Managing Partner with EverWest, comments, "We intend to provide a state of the art asset unique to the market as part of EverWest's greater adaptive re-use 'Modernized Office Strategy', and are excited about this location in Austin." 

EverWest Acquires Industrial Development Site

March 13, 2017

EverWest Real Estate Partners is pleased to announce the acquisition of 5350 Holabird Avenue, an 8.25 acre site located within a premier 48 acre industrial park. 
The asset is located immediately off of I-95 and 2,000 feet from Seagirt port terminal.  The site will allow for construction of a 140,000 square foot industrial building and will be located within a high image industrial park. 
Upon completion, this asset will be a state-of-the art distribution option for smaller tenants at the Port of Baltimore.  The modern Class "A" industrial building will include the following specifications: front-park/rear-load, 27 dock doors, 32' clear heights, 54x50 column spacing, ESFR, and 76 parking spots.
Mark Bigarel, Managing Director-Acquisitions with EverWest, comments, "EverWest is very excited that it was able to close on this site - an infill port site which we will begin to develop immediately.  We believe that the demand for a smaller Class "A" distribution building in this infill location will be highly attractive to a host of requirements in the market." 
EverWest acquired the 5350 Holabrid Avenue asset on behalf of a separate account with an institutional investor. 

EverWest Acquires 83 Stults Road in Dayton, NJ

March 1, 2017

EverWest Real Estate Partners is pleased to announce the acquisition of 83 Stults Road, a 368,537 sf, 24' clear, rail-served warehouse on 45.7 acres. 
The asset is located immediately off of Exit 8A entrance, which provides north and south access to I-95, the primary North South thoroughfare on the East Coast.  The location is 35 miles south of the Port of Newark and 45 miles south of Manhattan. Exit 8A is the largest industrial submarket in the state of New Jersey.  
The property includes a 16 acre development site that will allow for a new 200,000+ sf state-of-the-art industrial building.  Construction is estimated to commence October 2017 with an approximate completion date of September 2018. 
Mark Bigarel, Managing Director-Acquisitions with EverWest, comments, "EverWest is thrilled to be able to access this well located property off-market and are excited to add value to the existing building via capital improvement plan and also develop a state-of-the-art distribution facility on the adjacent site while being so close to the entrance of the Exit 8A Park." 
EverWest acquired the 83 Stults Road asset on behalf of a separate account with an institutional investor. 

EverWest Closes Preferred Equity Investment On Hotel Development

February 9, 2017

EverWest Real Estate Partners is pleased to announce the closing of a Preferred Equity investment supporting the construction financing for a to-be-built, 233 room Hilton Garden Inn, located at 1917 Chestnut Place, which is near the Union Station in downtown Denver, CO. 

The hotel will be constructed to an adjoining two-story, 3,224 square foot historic brick firehouse, which will be refurbished to serve as a restaurant and bar.  Additional amenities will include two levels of underground parking, indoor pool, meeting space and patio bar. 

The property is within walking distance of the Denver Union Station, Larimer Street, Coors Field and the downtown business district.  There are more than 1,000 new residential units in the locale, which have been completed or are in the process of being completed within the vicinity of the property. 

Tom McCahill, Managing Principal with EverWest, comments, "While the financing structure is complex, the value proposition is pretty straight forward: Capitalize on an excellent infill location with a great hotel brand in a thriving neighborhood market with solid hotel fundamentals." 

Joe Chickey, Senior Director, stated, "We have been impressed by the sponsor team at Focus - in particular, their foresight and creativity around the project and the team they put together to design, build and manage the hotel and restaurant.  Coupled with the history around the site and the firehouse, this will be an exciting project to be a part of."