US Industrial REIT II Purchases West Coast Distribution Center in Tulare County, CA
June 13, 2007 - San Antonio, TX
US Industrial REIT II purchased JoAnn Stores, Inc. West Coast Distribution Center, a 635,281 square foot industrial-distribution building in Visalia, CA., from GE Commercial Finance Business Property Corporation on June 1st. The transaction’s purchase price was not disclosed.
The building is located in central California, approximately 30 miles south of Fresno near the intersection of Hwys 198 and 99 with access to the ports of Los Angeles, Long Beach and the Bay Area allowing for overnight delivery to 98% of California. The JoAnn Stores building is located in the Visalia Industrial Park. This facility distributes fabric and decorating products to more than 300 Jo-Ann stores west of the Mississippi River. GE Commercial Finance Business Property Corporation was represented by Dick Sampson of Shames-Makovsky Realty Company out of Denver, CA on the transaction.
US Industrial REIT II is owned by affiliates of USAA Real Estate Company and other institutional investors. USAA Real Estate Company has more than $3 billion of assets under management and provides co-investment, acquisition, build-to-suit and development services for corporate and institutional investors. The USAA portfolio consists of office, industrial, retail and hotel properties as well as investments in real estate operating companies with an annual volume of transactions in excess of $1 billion.