Feinblum marketing leases on five American Home stores
By Clint Engel -- Furniture Today, March 23, 2009
PLAINVIEW, N.Y. — Julius M. Feinblum Real Estate here is marketing the leases on five of the six closing American Home furniture stores in Arizona.
The stores, including warehouse space, range from about 71,000 square feet in Sahuarita, Ariz., to 148,000 square feet for the larger of two Tucson stores. Others are in Mesa and Prescott, Ariz., in greater Phoenix.
Albuquerque, N.M.-based American Home filed for Chapter 11 bankruptcy protection in November and subsequently brought in Planned Furniture Promotions to handle the Arizona liquidations. It also said it would close two New Mexico stores, but planned to continue operating stores in Albuquerque, Farmington and Santa Fe, N.M.
A sixth Arizona store on Prince Road in Tucson isn't included in the marketing plans. Feinblum CEO Julius Feinblum said he believes another retailer is already pursuing the location, but couldn't elaborate.
While business has been tough for most in the industry, Feinblum said, the economic environment has helped create good real estate values and availability for those looking to position themselves for more market share as the economy rebounds.
“We've seen an increase in business over the past 60 days” from furniture retailers looking to expand, he said, although he declined to name names.
“The banks are staring to ease up on the lines of credit for the healthier furniture retailers,” he added.
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Feinblum marketing American Home furniture stores
Mar 18, 2009
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