May 12, 2011
American Furniture Warehouse has bought a site southeast of Powers Boulevard and Woodmen Road where the retail giant plans to build its second Colorado Springs store and a warehouse to serve southern Colorado. The store and warehouse are expected to open in about a year.
The Denver-based chain paid $8.29 million to a Denver-based limited liability company for 33.4 acres at 6910 Templeton Gap Road, just south of the St. Francis Medical Center, which is at the southeast corner of one of the city’s heaviest-traveled intersections. The site is about 10 miles northeast of American Furniture Warehouse’s first Springs location at 2805 N. Chestnut St.
Company President and CEO Jake Jabs said last month he was looking at sites near Powers and Woodmen and expected to complete the purchase within a few weeks.
Jabs was not available Thursday for comment on the transaction, but said last month the second store would open in about a year and include 120,000 square feet of showroom space and a 100,000-square-foot warehouse that would serve the Springs and American Furniture’s Pueblo store. Jabs said in April he wanted a warehouse in the Springs because it would allow customers quick access to merchandise without having to wait a day or two for it to be delivered or sent from the company’s nearest warehouse in Englewood.
American Furniture has sought a second Colorado Springs location since at least 2005, when Jabs said he almost bought land southwest of Powers and Woodmen. He never settled on a site at the time and delayed those plans after the nation’s economy fell into recession a few years later. Jabs said in April that the company’s Colorado Springs store has generated strong sales for years, now about $45 million.
Just two days before buying the Powers Boulevard site, American Furniture sold the building at 1815 N. Academy Blvd. housing American Classics Marketplace, an antiques, collectibles and crafts mall that has been operating there since 2001, to a limited liability company headed by Gary and Jacquiline Brookshire, his son-in-law and daughter. American Furniture has owned the building since acquiring Rhodes Furniture in 1999. Gary Brookshire said the transaction is not related to the Powers Boulevard site purchase.