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Paula C. Squires// January 6, 2016//
Grand Brands has purchased a 30,000-square-foot building in Newport News for $3.2 million. According to Divaris Real Estate Inc., which announced the sale, the company plans to open the third Ashley Furniture store in the Hampton Roads region at the site.
The 2.5-acre, big-box parcel at 11971 Jefferson Ave. was formerly an Office Depot location. Ashley Furniture, headquartered in Arcadia, Wis., is one of the largest home furnishings retailers in the U.S.
Jason Oliver and Erica Rorrer of Divaris’s Virginia Beach office negotiated the transaction on behalf of Grand Brands.
