Wheeling, IL (PRWEB) June 27, 2005
Edmond L. Prins CEO of Idled Assets Group, fixed asset investment advisor to Wickes Furniture Company, Inc. (ÂWickesÂ), announced today that Wickes agreed to sell its 215,000 square foot headquarters and furniture showroom located on Dundee Road in Wheeling to Mesirow Stein Development Services, Inc. for an undisclosed amount. The site where living room sets are sold today, will soon accommodate a mixed-use development.
ÂThis deal was structured in record time,Â said Prins. He continued, ÂIdled Assets Group, created and executed a Managed Exit Program for Wickes that incorporated the Village of WheelingÂs desire to create a new Village Center and was based upon our preliminary concept plans, construction costs and financial pro-formas.Â Wickes wanted to structure a strategic exit from this location and leave the community with an exciting new redevelopment of the site.
Scott Castell, Chief Financial Officer of Wickes Furniture elaborated further, Â Wickes is delighted to sell its headquarters, warehouse and showroom property to Mesirow Stein. Â He continued, ÂIt provides us an opportunity to relocate our store and headquarters to continue to serve our customers from a higher traffic location and leave the Village a cornerstone property that will fit into its Village Center Plan.Â
Wickes Furniture Company, Inc. (http://www.wickesfurniture.com) is one of the leading furniture retailers in the United States with 31 retail stores serving greater Chicago, Los Angeles, Minneapolis and Portland, OR. Founded in 1971, Wickes offers attractive room packages featuring complete living rooms, dining rooms, bedrooms as well as bedding, home entertainment, accessories and accent furniture. The top 20 U.S. furniture retailer employs over 1,500 employees and offers products from leading manufacturers such as Sealy, Simmons, Berkline, Benchcraft, Klaussner, Universal, Magnussen, DeCoro and Lane. Wickes Furniture Company, Inc. is owned by an affiliate of Boca Raton based Sun Capital Partners (http://www.suncappart.com).
Idled Assets Group, Inc. (http://www.idledassets.com) is the pre-eminent fixed asset investment advisory firm. Our area of expertise is assisting senior management of Fortune 1000 companies and communities with the effects of plant and military base closures. Specifically, IAG creates and most importantly executes Managed Exit Programs. These programs are designed to help IAGÂs clients deal with closing or closed locations in a manner that will reduce or eliminate contingent liabilities and generate financial return and positive community relations. Edmond L. Prins (mailto:email@example.com), CEO of Idled Assets Group has over 25 years of experience pioneering asset-based investment management while working at Lehman Brothers, Security Pacific Capital Markets Group and Price Waterhouse. He has assisted clients like Schlumberger, Bethlehem Steel, Sunbeam and over 100 of the Fortune 1000 companies execute programs that go beyond the real estate assets.1.877.72.IDLED
Mesirow Stein Real Estate, Inc. (http://www.mesirowfinancial.com/businesses/real_estate.jsp) provides broad development and real estate advisory expertise based on over 30 years of success in the industry, and, as a division of Mesirow Financial, offers the diversified financial services of a firm with a 65-year history. Development projects include: Deerfield Village Centre, University Village, State Place and redevelopment of military bases: Glenview Naval Air Station, Fort Sheridan and the Orlando Naval Training Center.
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