Retailer files bankruptcy, sells industrial building

Ames Merchandising aims to liquidate assets

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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...