Ashley Furniture property in Grand Prairie changes hands

Marcus & Millichap (NYSE: MMI) announced the sale of an Ashley Furniture industrial property in Grand Prairie last week. The 213,630-square-foot industrial property, which is located at 502 Fountain Parkway, was built in 1979 and sits on just under 11.5 acres.

The seller, a private investor, was represented by Marcus & Millichap’s Industrial Specialist and First Vice President Investments Adam Abushagur.

“The property was on the market less than 24 hours and sold above asking price due to the competitive bidding process we constructed,” said Abushagur in a prepared statement.

He said the seller was able to net over 30 percent more than the off-market offer that was received prior to marketing the property in the statement.

County deed records indicate the building was purchased by Dallas-based Leon Capital Group from 502 Fountain Trust.

While the sale price was not disclosed, the building’s last appraisal from the Tarrant Appraisal District came out to roughly $9.2 million.

Ashley HomeStore (RBLS, INC) is a North Texas-based company that was founded in 2002 and is independently owned and operated by the Levitz family, according to the company’s website.