VIZZDA
– February
7, 2013 –
American Furniture Warehouse of Englewood, Colorado, has purchased 74.40 acres in
Gilbert, Arizona, for $15,794,290 or $212,288 per acre or $4.87 per square foot from
the Cooley family.
The 74.40 acre site is located at the north west corner of Power Rd and Loop 202 and has split zoning: LI (Light
Industrial) on the western 33.67 AC and RC (Regional Commercial) on the eastern
40.73 AC. The eastern parcel is planned (link) for a 631,756 SF Furniture Showroom & Warehouse with an overall site
coverage of 36%. The structure will be
approximately 610’ by 950’ with a 178,352 SF showroom at the north end of the
structure and a 406,604 SF warehouse (+ 46,800 SF mezzanine) at the south end.
Retail customers will take possession of their goods through 20 9’x10’ roll top
doors while the warehouse will be loaded through 52 10’x12’ roll top doors. The
site is planned for 1002 automobile parking spaces and 40 12’x50’ semi-trailer
spaces in the fenced area at the rear of the warehouse.
Per the December 4, 2012 article in Furniture Today (link), Jake Jabs, owner of American Furniture Warehouse, is investing $30M into
this facility which is expected to open in September, employ 300 people and do
$120M worth of business in its first year.
The land has been historically owned by Eldon
W and Elona P Cooley, but in recent years (2001, 2006) ownership had passed on to
his children and their families, who closed this deal with Kevin Michalek of
American Furniture Warehouse.
Edward Moore
Director of Research
Director of Research
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