10721 Jasmine St.

INLAND EMPIRE

Investment group 10721 Jasmine LLC has acuired a 410,000-square-foot class A industrial warehouse at 10721 Jasmine St. in Fontana from BlackRidge Real Estate Group for $25 million in this week’s roundup of commercial real estate news in the West. Anna’s Linens, headquartered in Costa Mesa, CA, signed a long-term lease for the entire building, which will serve as the national retailer’s new, centralized distribution center for the Western US. The facility also includes 20,000 square feet of office space. The buyer was represented by Jeff Cannon, corporate managing director, and Paul Jones, associate, of Studley’s Southern California Industrial Services Group. Said Cannon: “This was an opportunity to buy a building at below replacement costs and secure a long-term lease for the tenant at very favorable rents. 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.” Scott Gladstone, COO of Anna’s Linens, said that the space will support the company’s long-term business and customer fulfillment goals. “By repositioning and expanding our distribution facility on the West Coast, we can significantly improve inventory allocation and fill rates at the store level,” Gladstone explained. “This represents a material change in Anna’s Linens’ operations, with the goal of enhancing customer service and increasing customer satisfaction.” BlackRidge Real Estate Group was represented in the transaction by Tom Taylor and Steve Bellitti of Colliers International.

8720 Rochester Ave.