IE Business Daily Business news for the Inland Empire.
Colliers International has completed the sale of a warehouse-distribution facility in Jurupa Valley.
Costco Wholesale Corp. bought the building, which it plans to use as a regional distribution center, for $65.6 million, according to a statement released this week.
The seller was TIAA-CREF, the investment entity of Teachers Insurance and Annuity Association, which is based in Newport Beach.
The building at 11280 Riverside Drive, is occupied by Quik Set, which makes and distributes quick-setting concrete and other construction materials. The company has 19 months left on its lease and an option to renew for another five years.
“This was a perfect strategic fit for Costco since [the building] is adjacent to a Costco Warehouse store and administrative offices,” Colliers Senior Vice President Mark Zorn said the statement. “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.”
Zorn represented Costco in the negotiations.
