EBCO, Inc., the operating company for Arizona’s La-Z-Boy Furniture Galleries purchased a .64 acre parcel at 6828 E. Camelback Road in Scottsdale, Arizona. The parcel currently has a 10,096 square foot office building; however, plans are to replace most of the building with a new concept La-Z-Boy store.
T.D. Note, LLC, the Seller, was represented by Bob Kling of Lee & Associates in the transaction. Bob Crum, Principal of Ross Brown Partners and Darren Pitts, Executive Vice President of Velocity Retail Group represented EBCO in the transaction. The parcel was purchased for $2.8 million.
“We have worked with the La-Z-Boy management team for several years throughout Arizona,” said Pitts. “We were pleased to identify a very high-profile location in close proximity to Scottsdale Fashion Square Mall, one of the top malls in the country,” he added.
Ed Breunig, President of EBCO, Inc. commented, “We are very pleased to be opening our second store in Scottsdale. It is a great city and I am thrilled we were able to secure this location for the store. This will be our first La-Z-Boy Home Furnishings and Décor store, which is a new concept store for La-Z-Boy featuring a fresh new layout and updated finishes giving the shopper an easier and more fulfilling experience in the store. We will continue to provide excellent service including complimentary In Home Design and a beautiful selection of custom fabrics and great accessories to furnish the entire home.” The new store will be approximately 11,000 square feet and is expected to open by the end of March 2014. This will be the 9th location in Arizona for the company.