Updated January 20, 2021 - 11:32 am
A Wisconsin furniture maker and retailer has purchased a swath of land next to Ikea in the southwest Las Vegas Valley, buying much of the spread from a rival that set out to build a big store there.
Ashley Furniture Industries acquired nearly 20.4 acres off Sunset Road just east of the 215 Beltway for roughly $27.4 million, property records show. The sale closed Dec. 29.
The deal again raises the prospects of a newly built store offering couches, beds and other home furnishings next the popular Swedish retail giant known for its meatballs and low-priced, self-assembly furniture.
Ashley, based in Arcadia, Wisconsin, and led by the billionaire Wanek family, has 690 stores in the U.S., including six in Nevada, according to its website.
A company representative did not respond to a request for comment.
Ashley purchased the bulk of the site — 14 acres — from Walker Furniture, paying $18.8 million for that section, property records show. Walker, a locally based retailer, had acquired the site in 2017 and unveiled plans to develop a 150,000-square-foot store and 50,000 square feet of additional retail space. The projects were never built.
Walker CEO Larry Alterwitz told the Review-Journal last week that Ashley made a “really attractive offer” and that he would consider opening a store in the southwest valley at some point.
He also said that Walker’s store in Henderson, which opened in 2018 and spans more than 60,000 square feet, has been a “big success” and “opened our eyes a little bit.”
“Those are the types of stores we need,” Alterwitz said.
Ashley bought the rest of the southwest plot from M.J. Dean Construction founder Michael Dean, property records indicate.
Dean did not return a call seeking comment.
According to Alterwitz, furniture sales have been strong during the coronavirus pandemic. The outbreak has dealt a crushing blow to Las Vegas’ tourism-dependent economy, sparking huge job losses, but the region’s housing market has heated up with record prices and rising sales, thanks in large part to cheap borrowing costs.
Alterwitz noted that some industries have suffered during the public health crisis, but others have performed well.
“We’re blessed in that sense,” he said.