16 Rhodes Furniture Stores, Warehouses and Distribution Centers to be Sold
Furniture World Magazine
on
9/8/2005
Rhodes, Inc. has authorized DJM Asset Management of Melville, New York, to market and dispose of 16 of the company's owned and leased properties throughout Illinois, Indiana, Kentucky, Missouri and Georgia. The company operated in these markets as both Rhodes Furniture and as John M. Smyth's Homemakers Furniture. On November 4, 2004, Rhodes filed a voluntary petition for relief under Chapter 11 of the bankruptcy code in the U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta division.
As part of the closing of Rhodes mid-west retail operations, they will be selling their warehouse facilities located in Louisville, KY and Hazelwood, MO. The Louisville, KY facility is a 112,804/sf building which sits on 8.57 acres of land and the Hazelwood, MO facility is a 164,000/sf building which sits on 9.16 acres of land. Both of the properties are multipurpose facilities with Office, Finished Showroom, Warehouse and Distribution spaces. In addition, they will sell their regional distribution warehouse located at 3380 Florence Road in Powder Springs, GA. This facility is a 376,427/sf building which sits on 15.38 acres of land.
"We expect there to be strong interest in this group of retail store closings, especially Joliet, IL and other Chicagoland markets which are very difficult to penetrate," stated Andy Graiser, Co-CEO of DJM.
"We expect quite a number of interested parties to submit offers to purchase leases."
"The properties being marketed, owned and leased, represent an excellent opportunity for both users and investors to acquire some highly sought after real estate. We recommend all interested parties to call us or check our website http://www.djmasset.com for further details" said James Avallone, Managing Director of DJM.
The Warehouse / Showroom and Distribution Facilities that are available for purchase are located at:
1. 1240 Durrett Lane in Louisville, KY (Owned)
2. 5690 Campus Parkway in Hazelwood, MO (Owned)
3. 3380 Florence Road in Powder Springs, GA (Owned)
4. 135 Elk Trail in Carol Stream, IL
The Retail Stores that are available for purchase are located at:
1. 3355 Mall Loop Drive in Joliet, IL
2. 404 South State Street in Naperville, IL
3. 1013 Butterfield Road in Downers Grove, IL
4. 105 Commerce Lane in Fairview Heights, IL
5. 8251 Golf Road in Niles, IL
6. 1733 East Woodfield Road in Schaumburg, IL
7. 912 Anthony Drive in Champaign, IL
8. 4900 Shelbyville Road in Louisville, KY
9. 748 East Highway 131 in Clarksville, IN
10. 3900 Union Road in St. Louis, MO
11. 14101 Manchester Road in Ballwin, MO
12. 411 Midrivers Mall Drive in St. Peters, MO
To obtain additional information on the disposition of these available properties, please contact James Avallone, DJM Managing Director, at (631) 752-1100 (x224) or visit the DJM website at http://www.djmasset.com.
Based in Melville, New York, DJM Asset Management, LLC, appraises properties, disposes of real estate assets, disposes of and/or mitigates lease liabilities and acquires retail, commercial and industrial real estate that does not fit into our strategic partner's long-term goals. Recent clients include Winn-Dixie Stores, CVS, Avado Brands, Toys 'R Us, Good Guys, Pep Boys, Circuit City Stores, John Harvard's Brew House and Albertson's.