Darren Pitts of Velocity Retail Group and Bob Crum of Ross Brown Partners represented the Seller in a two-property sale leaseback of La-Z-Boy Showrooms in Georgia and Tennessee. The Seller is AFG-Alpharetta, LLC and AFG-Knoxville, LLC both Georgia limited liability companies managed by Thomas DeGoey one of the largest volume licensees within the La-Z-Boy network. The buyer was FIP Acquisitions, LLC an entity controlled by Fundamental Income Properties, based in Phoenix, Arizona. Sales price for the transaction was $16,250,000.

The buildings included in the sale were:

  • Alpharetta, Georgia – 5970 North Point Parkway, Alpharetta, GA 30022. Parcel size of 1.5 acres with 15,024 SF building.
  • Knoxville, Tennessee 9605 Kingston Pike, Knoxville, TN 37922. Parcel size of 1.4 acres with 25,486 SF building.

The stores are established La-Z-Boy showrooms in their respective trade areas and were purchased with new leases in place. “These buildings are in excellent locations in their markets and will continue to be operated by one of strongest licensees within La-Z-Boy,” said Darren Pitts, Executive Vice President of Velocity Retail Group. “The furniture industry has experienced a surge of activity and is one of the categories of retailers expanding in the current economy,” he added.

This transaction is one of dozens of big box deals completed by Velocity Retail Group in the past year. The firm continues to lead the retail market in big box leasing and sales and looks forward to continuing to serve its expanding retailers at the highest level.