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.
Director of Research