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EverWest nabs creative office — home to Uber and Amazon – in Redondo Beach
The seller, Montana Avenue Capital Partners, nearly doubled its investment
EverWest Real Estate Partners, an investment and management firm based in Denver, and Chilean-based Frontal Trust paid $17.9 million to acquire the creative office building at 2400 Marine Avenue in Redondo Beach, The Real Deal has learned.
The seller, Santa Monica-based Montana Avenue Capital Partners, profited nicely from the sale. It acquired the site just two years ago for $9.6 million, according to property records.
The redesigned industrial building, dubbed “LINQ,” spans approximately 50,000 square feet, and sits on the corner of Marine and Redondo Beach avenues. Amenities at the recently renovated site include glass sliding doors, an expansive wifi-enabled deck and common areas featuring outdoor seating.
The property at 2400 Marine Avenue in Redondo Beach (Credit: JLL Property)
LINQ is currently 80 percent leased to Amazon and Uber, according to CoStar. E-commerce giant Amazon leased 20,000 square feet of industrial space and another 10,000 of office space in May 2015, set to expire in 2020. Meanwhile, Uber signed for 10,000 square feet of space in July 2016.
Steve Solomon and Kristen Bowman of JLL had the listing.
Neither EverWest nor Frontal Trust respond to requests for comment. Montana Avenue could not be reached.
EverWest has been making a name for itself in Southern California. Just this summer, it picked up a three-property industrial portfolio in the City of Industry for $20.9 million. That was nearly a year after it purchased a Pasadena office building for $67 million.