Furniture is officially out and an industrial use is in for the former Art Van Furniture headquarters on 14 Mile Road near Van Dyke Avenue in Warren.
According to a recent report by Crain’s Detroit Business, Montreal-based Groupe Quint has finalized its purchase of the 1 million-square-foot property for $52.5 million. Simon Yeramian, the company’s vice president of investments confirmed the sale in an email to Crain’s.
Groupe Quint, a private real investment firm, plans to make improvements to the building in an effort to lure a new tenant or tenants.
The Warren property was most recently occupied by Loves Furniture & Mattresses, which filed for reorganization under Chapter 11 bankruptcy in early 2021. Loves Furniture purchased Art Van Furniture stores in 2020.
According to Groupe Quint’s website, the former Art Van site represents one of the only large vacant spaces in the Detroit industrial market. It contains 212 truck-level doors, abundant trailer storage, as well as a unique 100-foot-high automated warehousing system.
It sits on 63 acres and has more than 1,150 parking spaces, the website states.
Loves announced in 2020 it had hired about 350 people and was looking to add 1,000 employees to eventually open 18 locations in Michigan and additional stores in other states.
But later that year, Loves said it was closing eight stores as part of a consolidation of its total of 32 stores in Michigan and other states into 13 locations –- a dozen in Michigan and one near Toledo.
Founded in 1959 in Warren by Art Van Elslander, the chain grew to 190 stores in nine states. Thomas H. Lee Partners in 2017 bought Art Van. Van Elslander died in 2018.
Groupe Quint is active in the Detroit marketplace as it is also nearing a purchase of the former Blue Bell Mattress Co. LLC manufacturing location in Roseville at 30450 Little Mack Ave. from New York City-based LCN Capital Partners.
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October 04, 2021 at 05:20AM
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Former Art Van Furniture HQ in Warren reportedly is sold - The Macomb Daily
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