Velocity Retail Group’s Darren Pitts represented American Furniture Warehouse which is based in Englewood, Colorado in the 149,609 square foot lease. The landlord, Christown 1755, LLC, an entity controlled by Kimco Realty Corporation was represented Brian Gast, Brian Harpel, and Brad Ranly also of Velocity Retail. The building was previously occupied by Costco and is expected to open on August 1, 2022.
AFW’s Christown Mall location
“AFW typically purchases land of roughly 20 to 30 acres to construct their prototypical facility which can be a building of close to 500,000 square feet including the showroom and warehouse. With little land available in Central Phoenix, we worked creatively to find this unique infill opportunity. This building provided AFW an avenue to open much faster than a traditional ground-up development deal structure,” said Darren Pitts, co-founder and Executive Vice President at Velocity Retail Group. “The store will serve the core markets of Midtown, Central Phoenix, North Central Phoenix, Biltmore and Arcadia,” he added.
While the mall has been renovated and expanded through the years it is home to Walmart, Target, and a 14 screen Harkins movie theater, to name a few. Costco which opened in 2000, was situated on the south side of the property along Montebello Road and had an interior entrance within the mall. The store closed in September 2020. This vacancy created the opportunity for American Furniture Warehouse to secure their central Phoenix location.
With the newest Phoenix location, American Furniture Warehouse currently has 16 stores located in Colorado, Texas and Arizona. The company was formed in 1975, is privately owned by Jake Jabs. Since the beginning, Jabs is responsible for the day-to-day operations of the company and also oversees their team of buyers. The company known for selling quality home furnishings, décor and accessories at competitive prices. The company is one of the top retail furniture companies in the U.S. and one of the largest privately-held businesses in Colorado. Look for more exciting announcements on this company in the coming months.
This transaction is one of many 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.