Furniture Co. Adds Warehouse for Nearly $29M

RANCHO BERNARDO, CA-San Diego-based Jerome’s Furniture Warehouse has purchased a 394,072-sf warehouse/distribution facility for $28.5 million from real estate advisor Rreef. Located on 24-acres on the 4S Ranch industrial park, the building at 16960 Mesamint St. is considered one of the largest warehouse buildings in San Diego County, according to officials from Colliers International, who brokered the deal.Brian Driscoll, Jay Alexander, John Hale and Ryan Grove of Colliers International represented both parties in the deal. Driscoll, Alexander and Grove were involved in another industrial deal at 4S Ranch earlier this year when brokering the sale of a 73,509-sf industrial property for $6.5 million. In that deal, an investor, Charles W. Hostler, acquired the facility from Muller-Crossroads LLC, an entity of the Muller Co. and GE Capital. According to Driscoll, the recent activity at 4S Ranch is a testament to the “favorable capital markets” and a strong industrial climate in the Rancho Bernardo area. The facility Jerome’s Furniture acquired was originally a build-to-suit for Sony Electronics in 1997. It features 60 dock-high loading doors, 12,000 sf of office space, and 26- to 28-foot clear heights. Colliers International sold the property to Rreef in 1999. Rreef is looking at both buy and sell opportunities in the San Diego area as evidenced by an office buy in made there in October. Rreef acquired, on behalf of an institutional client, Torrey Reserve West, according to Dwight L. Merriman, a partner in Rreef’s San Francisco office. Torrey Reserve West is a three-building, low-rise office campus on the west side of the Interstate 5 Freeway in Northern San Diego. The buildings total 120,000 sf and are 100% leased. All three buildings are 40,000 sf and feature concrete buildings arranged around a central motor court and combine to form an arched gateway. Jay Borzi, a principal in Secured Capital Corp.’s Los Angeles office, and Adam Edwards, managing director of the company’s San Diego office, brokered the deal.