Arcadia, Wis.-based Ashley Furniture recently purchased a 1.2 million-square-foot industrial building in Leesport, Pa.

The value of the transaction was approximately $26.8 million.

The modern, one-story building includes 30-floot clear ceiling heights throughout, 146 loading docks, all municipal services and parking for 1,000 trailers.

The former Ames Merchandising Corp.’s property was sold by Ames in late December pursuant to the Bankruptcy Court of the Southern District of New York with Kimco Funding LLC as the major creditor.

Ames was a Connecticut-based discount chain that at one time operated 330 stores located in the mid-Atlantic states. After filing for Chapter 11 bankruptcy protection, the decision to liquidate the business was made in 2002.

Ashley Furniture plans to use the Leesport property as both a manufacturing and distribution center hub. After an exhaustive search for a class A distribution center encompassing all of New Jersey and Upstate Pennsylvania, the Leesport property became the ideal choice.

Approximately 500 new jobs will be created as a result of this major sale, according to a press statement.

Philadelphia-based Binswanger is an international full-service real estate organization.

***

What’s your opinion? Send your Letter to the Editor to opinion@inman.com.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
The best of real estate is gathering in Las Vegas NEXT month! Grab your ticket before prices go up on October 1.Register Now×
Limited time: Get 30 days of Inman Select for $5.SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription