Jo-AnnÆs West Coast distribution center changes hands
Ownership of the 635,281 square foot Jo-Ann Stores West Coast Distribution Center in Visalia has changed hands for an undisclosed sum.
San Antonio, Texas real estate investment trust, U.S. Industrial REIT II, has purchased the industrial building from Norwalk, Conn.-based GE Commercial Finance Business Property Corp. The deal was finalized June 1.
Located in the Visalia Industrial Park about 30 miles south of Fresno, the building distributes fabric and decorating products to more than 300 Jo-Ann stores west of the Mississippi River.
Jo-Ann Stores, one of the largest specialty retailers in the country, originally purchased and developed the property in 2001. The Hudson, Ohio-based firm will now lease the building from the investment trust. Starting with one 1,400-square-foot store in 1943, the sewing and craft retailer today operates almost 800 U.S. locations in 47 states employing more than 20,000 people.