Agree Realty Corp. in Bloomfield Hills has acquired the former Art Van Furniture store at 32301 Woodward Ave. in Royal Oak. Terms of the deal were not disclosed.
The building’s central metro Detroit location offers a “unique opportunity to create a landmark headquarters to support the company’s continued growth.”
“As we approach $7 billion in enterprise value driven by the nearly $3 billion dollars invested since the start of the pandemic, we quickly recognized the need for additional space to support our accelerated growth trajectory,” says Joey Agree, president and CEO of Agree Realty. “This facility will incorporate state-of-the-art technology and environmentally friendly features to create a best-in-class space for our growing team.”
Construction is expected to begin on the approximately 50,000-square-foot building in the first quarter of 2022 and be completed by the second quarter of 2023.
Plans call for additional training and development space, health and wellness facilities, and collaborative meeting areas aligned with Agree Realty’s ADC University and ADC Wellness initiatives.
Art Van Furniture built the Royal Oak retail property in 1998. It was liquidated and taken over by Loves Furniture in 2020, but that enterprise filed for bankruptcy in January 2021.