Colliers Negotiates All-Cash $65 Million Leased-Investment Property
Costco Wholesale Corp. to use Jurupa Valley Location as Regional Distribution Center
Colliers International has completed negotiations on a $65,620,000 acquisition by Costco Wholesale Corp. of a leased-investment property in Jurupa Valley, Calif., which the giant consumer wholesaler plans to eventually use as a regional distribution center.
Located at 11280 Riverside Dr. in the Mira Loma section of the city, the building totals 527,500 square feet and is currently occupied by Quik Set, manufacturer and distributor of quick-setting concrete and other construction materials. The company currently has 19 months remaining on its current lease with an option for another five years.
“This was a perfect strategic fit for Costco since it is adjacent to a Costco Warehouse store and administrative offices,” said Colliers Senior Vice President Mark Zorn, SIOR, who represented Costco in the acquisition. “Costco is looking to the future and no matter when Quik Set may vacate the building, Costco will convert it into a Class A logistics center.”
According to Zorn, who was assisted on the transaction by Colliers Senior Vice President Terry Wirth of the brokerage firm’s Bellvue, Wash. office, the transaction closed escrow in just 45 days with Costco bringing an all-cash offer to the negotiations. The seller was TIAA-CREF, the investment arm of Teachers Insurance and Annuity Association, based in Newport Beach, Calif.