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. 
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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. 
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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." 
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EverWest Acquires Value-Add Industrial Asset


January 24, 2017

EverWest Real Estate Partners is pleased to announce the acquisition of 5250 Holabird Avenue, a 498,978 square foot, two-story vacant industrial building situated on 11.99 acres and located in the Port of Baltimore sub-market. 

The asset is located immediately off I-95 and I-895 and less than one mile from the Baltimore Port Terminals Seagirt and Dundalk.  

The asset recently underwent extensive upgrades, with both levels of the building operating independently with separate loading, parking and trailer storage. 

Mark Bigarel, Managing Director-Acquisitions with EverWest, comments, "EverWest is extremely excited to obtain its first asset in the highly sought after and difficult to source port sub-market of Baltimore." 

EverWest acquired the 5250 Holabird Avenue asset on behalf of a separate account with an institutional investor. 
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EverWest Closes Preferred Equity Investment On Multifamily Development


January 9, 2017

EverWest is pleased to announce the closing of a Preferred Equity investment for Union West Apartment Lakewood, CO.

EverWest Real Estate Partners is pleased to announce the closing of a $13.2 million Preferred Equity investment supporting the bridge financing of the newly constructed Union West community located in Lakewood, Colorado, a submarket of the Denver MSA. 

Union West is a 267-unit, 5-story, Class A apartment development that offers high end finishes, quality construction and accessible amenities.  The location provides quick and easy access to Downtown Denver via US-6 and the light rail.  

There are more than 16,800 walk-able jobs surrounding Union West.  This employment hub contains the highest concentration of office and medical jobs in all of Lakewood.  The two largest employers in Lakewood are the Denver Federal Center and St. Anthony Medical Campus, both of which are less than five minutes away from Union West. 

The project was developed by Confluence Companies, an experienced developer, owner and operator of multifamily properties in Metro Denver. 

Joe Chickey, Senior Director with EverWest, comments, "The strong absorption combined with the lack of concessions during the first several months of lease up is a testament not only to the quality of the project itself, but the quality of the submarket within the broader, competitive Denver MSA.  Given the location and the quality of the demographic trends supporting the target tenant base, we expect the project to continue to outperform and be a huge success for all parties." 

Zi Sen Chong, Associate, stated, "We are impressed by the quality of the project and the development team.  We look forward to making similar investments in the area."
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