January 27, 2016
Costco Wholesale Corp. has reportedly acquired a leased-investment property in Jurupa Valley for more than $65.6-million from Newport Beach-based TIAA-CREF. The giant consumer wholesaler plans to eventually use the 527,500-square-foot building as a regional distribution center, once current occupier Quick Set vacates.
The facility, located at 11280 Riverside Dr. in Mira Loma, is adjacent to a Costco Warehouse store and administrative offices. Sources say the transaction closed escrow in 45 days, and was expedited as a result of Costco’s all-cash offer.
TIAA-CREF was represented by CBRE’s Institutional Properties team, led by Darla Longo and Barbara Emmons, along with Rebecca Perlmutter, Jim Koenig and David Consani. Colliers Mark Zorn, along with Terry Wirth in the firm’s Bellevue, Wash. office, represented Costco in the acquisition.