Case Study: Ashley Furniture Homestore

Challenge
Surrounded by national retailers including Lowe’s, AMC, and Costco, Ashley Furniture Homestore in Nashua boasts historic high sales volume and is strategically located off Daniel Webster Highway, averaging 33,996 vehicles a day. The seller, a long-term Matthews™ client, was motivated to sell to shift focus towards development projects to create more storage for the overflow of their other Ashley Furniture Homestore properties. After locating and working with several buyers, the deal fell in and out of contract multiple times.

 

Strategy
By utilizing the Matthews™ expansive proprietary database coupled with the relentless effort of the team, a local buyer who was familiar with the property and surrounding area was located. The buyer was willing and able to close the non-essential store during the COVID-19 environment.

 

Results
Representing the seller, Matthews™ was able to work closely with the client to ensure a beneficial outcome. A year of rent was withheld in the form of a note with the seller’s bank so that the deal could work during the COVID-19 environment. As both the buyer and seller were undergoing a 1031 Exchange, they were the ideal candidates. The outcome resulted in both parties being satisfied with the transaction.