American Furniture Warehouse purchased 41.5 acres for $9 million at 9801 W. Bethany Home Road in Glendale, AZ from Stearns Bank of Scottsdale, AZ in an REO sale.
Located on the southeast corner of Bethany Home Road and 99th Avenue, the 41.5-acre site has one-half-mile frontage along the Loop 101, which is initially what drove American Furniture Warehouse to this particular site. Previously, the land was the planned site of the mixed-use Bella Villagio project, but, due to foreclosure, was acquired by Stearns in February 2010.
American Furniture Warehouse has plans to develop its second showroom and warehouse in the Valley at this location. This showroom is expected to be similar in size to the Gilbert location, which is currently under construction with plans to open next month. Much like the Gilbert location, the Glendale site is projected to have roughly 300 employees when it opens in mid-2014.
“The proposed American Furniture Warehouse project will not only be a tremendous asset to the City of Glendale but will also help to further development along the 101 corridor,” said John Werstler of CBRE. “In addition to the completion of the Tanger Mall, the development of the new Dignity Health hospital and Bechtel’s move to the Glendale Corporate Center, this project is demonstrative of increased activity along the Loop 101, which will continue to spur more growth in the area.”
John Werstler, Jerry McCormick and Cooper Fratt of CBRE’s Phoenix office represented the seller, Stearns Bank of Scottsdale, Ariz., American Furniture Warehouse, Englewood, Colo., was represented by Jeff Jennings of ProStar Realty in Phoenix, Ariz.