Ram announced today that Ashley Furniture, which previously signed a 12-year lease on 50,000 square feet of retail space within the Pleasant Crossing Shopping Center in Rogers, Arkansas, purchased its outparcel property for $2,575,000. The Ashley Furniture location formerly housed Sportsman’s Warehouse.
Ram took title to the former Sportsman’s Warehouse space in August 2010 as one of 38 underperforming notes secured by 39 retail properties. According to Ivy Greaner, Ram’s Chief Operating Officer, “It is an important part of our business strategy to secure underperforming property and add value. We were quickly able to establish Ashley Furniture as the tenant, who had been actively looking for the right home in the market. Their preference is to own their real estate so the sale of the parcel to them was favorable for both parties.”
The property is located just off Interstate 540 and North Dixieland Road. Other major tenants include Academy Sports and Walgreens.