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Former Art Van headquarters snags another furniture tenant

Another furniture company is taking space at the old Art Van Furniture Inc. headquarters.

Florida-based Ashley Furniture Industries LLC is leasing 186,000 square feet in the 1 million-square-foot-plus property on East 14 Mile Road in Warren, according to its new owner, Brasswater.

Simon Yeramian, vice president of investments for the Montreal-based company, said in an email this week that Ashley Furniture’s lease along with the 275,000 square feet that Auburn Hills-based Gardner White is leasing puts the former Art Van property at about 57 percent occupied.

“They will have distribution space; they’ll be starting operations in the building soon,” Yeramian said of Ashley Furniture’s use of the property.

Southfield-based brokerage Signature Associates Inc. worked on the Ashley Furniture lease.

Brasswater, formerly Groupe Quint, finalized its purchase of the property plus one other for $52.5 million in September.

The Warren spot was most recently occupied by Loves Furniture Inc. and was listed at $65 million in January 2021, a jump from the previous asking price of $53.9 million. Marketing materials from Signature Associates at the time said the 1.06 million-square-foot building sits on 63 acres and has more than 1,150 parking spaces.

Loves Furniture bought Art Van’s assets and leases for 27 stores for $6.9 million in May 2020 and then eight months later in January 2021 went belly up.


Posted By: Crain’s Detroit Business on June 10, 2022.  For more information, please click here to read the source article.

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