(To read more on the net lease market and the industrial market, click here.)

VISALIA, CA-GE Commercial Finance Business Property Corp. has acquired the 631,000-sf Jo-Ann Stores Inc. West Coast Distribution Center at 2500 N. Plaza Drive from the fabrics store retailer for $24.7 million in a 20-year net lease deal, according to public filings by Jo-Ann Stores. Michael Katz of Richmond, VA-based REF Advisory LLC and Stanley Wyrwicz of REF Advisory’s Boston office served as financial advisers to the retail chain and negotiated the lease as well.

Ohio-based Jo-Ann Stores Inc. has been seeking to pay down some of its long-term debt, and selling the distribution center is one avenue it has pursued toward this goal. Katz, whose company has arranged some $2 billion in sale-leasebacks, tells GlobeSt.com that the transaction provided Jo-Ann with “an opportunity to monetize an important asset” at a time when the market for such deals is strong.

According to public filings by Jo-Ann stores, the lease starts with an initial term of 20 years with eight automatic five-year renewals unless the retailer chooses not to renew. Total scheduled rent payments during the initial term of the lease will be approximately $38.8 million.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.