Hodgdon Group Brokers Ashley Furniture Purchase of Retail Property in Victorville, CA

Hodgdon Group represented Ashley Furniture in the acquisition of a former Wickes Furniture building in Victorville, CA. Hodgdon also performed due-diligence review and coordination on behalf of Ashley for the 2.3-acre property acquisition. Hodgdon-Miank Construction, a full-service construction company, is the Design-Build contractor on the tenant improvements. End Quote

Riverside-San Bernardino, CA (1888PressRelease) October 26, 2009 - Inland Empire-based Hodgdon Group announced today that Aaron Hodgdon, President, represented Ashley Furniture Industries, Inc. in the acquisition of a 39,200-square-foot retail building, fronting Interstate 15 in Victorville, Calif. Hodgdon also performed due-diligence review and coordination on behalf of Ashley for the 2.3-acre property acquisition. The seller, a Texas-based financial institution, was represented by Ted Bradach, a senior associate with Grubb & Ellis in Riverside, Calif.

The former Wickes Furniture store is freeway-visible with glass-walled showroom located at 12704 Amargosa Road, north of the Victor Valley Mall, was built in 2006. "Although the real estate market is still challenging, it has provided a great opportunity for Ashley - the No. 1 retailer and manufacturer of furniture in North America, as they expand their retail operation," said Aaron Hodgdon.

"We are thrilled to have Ashley Furniture open a store in the High Desert," stated Keith Metzler, Victorville's redevelopment director. "I have worked with Aaron and his team for several years; they have done a great job for their clients and the City."

Hodgdon-Miank Construction, a full-service construction company, has already commenced as the Design-Build contractor on the tenant improvements. The store will be quickly remodeled and will open for business in mid November.

Recently, Hodgdon Group completed extensive work at Southern California Logistic Airport in Victorville, including the new wide body hangars and a number of improvements on the former base. The firm represents Ashley Furniture Industries on the west coast recently purchasing 439,000 square feet of industrial space in Colton, Calif., one of the largest user-sale transactions in Southern California this year, and the recent lease of 42,000 square feet for a HomeStore in the Sierra Commons shopping center next to the Antelope Valley Mall in Palmdale, Calif.

The Hodgdon Group is a full-service real estate brokerage, development and construction management company for all of types of real estate projects.

For more information about the Hodgdon Group, please call Aaron Hodgdon at 909.783.3020.

###

Visit The Hodgdon Group Website

space