GILBERT, Ariz. \u00e2\u20ac\u201d Julius M. Feinblum Real Estate has begun marketing an 800,000-square-foot home furnishings center
\n\t\t
\nunder development here that bills itself as the largest such retailing complex in the country.<\/p>\n
Construction on the Gilbert Esplanade Home Furnishings Center in this fast-growing Phoenix suburb should begin in the second half of 2014 and open some time in 2015, said Feinblum President Julius Feinblum.<\/p>\n
His Plainview, N.Y.-based firm was hired by the center\u00e2\u20ac\u2122s developers, Kimco Real Estate Trust and Derito Partners, to market the estimated $150 million project to all home furnishings retailers, including manufacturers\u00e2\u20ac\u2122 dedicated store networks.<\/p>\n
Feinblum said his efforts have just begun and declined to name prospects. He said the center has great potential, since it\u00e2\u20ac\u2122s in a fast-growing residential and commercial area and next to an already successful auto mall and large general retail center.<\/p>\n
Kimco is the largest owner of retail centers in the United States and Canada, and Derito is one of Arizona\u00e2\u20ac\u2122s largest developers.<\/p>\n
In materials from Feinblum and Kimco, Top 100 furniture store Robb & Stucky, based in Fort Myers, Fla., is identified as an anchor tenant, but the high-end retailer\u00e2\u20ac\u2122s president, Fred Berk, said that characterization is premature.<\/p>\n
\u00e2\u20ac\u0153We have an option to get into it, but have not decided to exercise that option yet,\u00e2\u20ac\u009d said Berk, whose company just opened a full-line store in Palm Beach Gardens, Fla., and has two stores planned for the greater Dallas-Fort Worth market and its first in Las Vegas.<\/p>\n
The Esplanade will have two 400,000-square-foot sections, one targeted to upscale operations and the other devoted to more promotional to midpriced stores, Feinblum said. His firm will market the property largely from its West Coast office in Santa Monica, Calif., and a new office in Scottsdale, Ariz.<\/p>\n
Feinblum, who long has pitched the potential of furniture rows or clusters of furniture stores, described home furnishings centers as an evolution of the concept that has seen early success most recently with the 150,000-square-foot upscale PGA Design Center in Palm Beach Gardens.<\/p>\n
That center is anchored by the just-opened Robb & Stucky store, and includes Robb & Stucky Patio and Thomasville Home Furnishings stores.<\/p>\n
Feinblum also consulted on the 220,000-square-foot Agoura Hills Home Furnishings Center near Los Angeles, which features Treasures, Stickley, Ethan Allen and Furniture Brands International dedicated stores.<\/p>\n
He said one of the most exciting things about these new dedicated centers is that they are giving furniture retailers access to high-profile, quality locations at competitive lease rates driven down by the scale and efficiencies of the large projects.<\/p>\n
Also, through each of these centers, the industry is gaining credibility with the nation\u00e2\u20ac\u2122s largest developers, which will open up still more doors, Feinblum said.<\/p>\n
\u00e2\u20ac\u0153If it works, we\u00e2\u20ac\u2122re going to see them in other major markets that we\u00e2\u20ac\u2122re already analyzing,\u00e2\u20ac\u009d he said.<\/p>\n","protected":false},"excerpt":{"rendered":"
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