Anna’s Linens warehouse in Fontana is sold
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A Fontana warehouse that serves as the Western distribution center for home furnishings store chain Anna’s Linens has been sold to a group of investors for $25 million.
The 410,000-square-foot building near Interstate 10 was bought by a limited liability corporation called 10721 Jasmine from BlackRidge Real Estate Group, real estate brokerage Studley said.
Costa Mesa-based Anna’s Linens moved into the 20-year-old warehouse at 10721 Jasmine St. last month on a long-term lease.
“By repositioning and expanding our distribution facility on the West Coast, we can significantly improve inventory allocation and fill rates at the store level,” said Scott Gladstone, chief operating officer. “This represents a material change in Anna’s Linens’ operations.”
San Bernardino and Riverside counties are home to one of the country’s largest industrial real estate markets, but landlords there took a hit in the economic downturn as businesses reined in their operations. Signs of renewed growth suggest better times ahead for property owners, Studley said.
“The Inland Empire submarket is on the cusp of a monumental shift due to increased demand, and we anticipate significant rental rate increases over the next 12 to 24 months,’ said Jeff Cannon of Studley. “In fact, rental rates are already on the march upward.”
-- Roger Vincent
