Sami and Nazeeh Abunasra are marketing two properties housing their Connecticut Ashley furniture stores in sale-leaseback deals aimed at raising capital for another investment. The brothers are seeking buyers for 200-220 Hale Road in Manchester and 56 Costello Road in Newington, but Ashley stores at both locations will continue operating under long-term leases, Sami Abunasra […]
Sami and Nazeeh Abunasra are marketing two properties housing their Connecticut Ashley furniture stores in sale-leaseback deals aimed at raising capital for another investment.
The brothers are seeking buyers for 200-220 Hale Road in Manchester and 56 Costello Road in Newington, but Ashley stores at both locations will continue operating under long-term leases, Sami Abunasra said.
"We will take the capital, the appreciation, and do something else with it," Abunasra said. He said the planned investment has not reached a point where he is comfortable identifying it.
The Manchester property spans 9.46 acres and includes a 92,400-square-foot retail building, built in 1994, that houses an Ashley Homestore and an Urban Air Adventure Park. The brothers purchased the property for $4.75 million in 2022. It is now being marketed by New York City-based real estate services firm Surmount with a $10.7 million asking price.
The Newington property comprises 3.7 acres with a 42,586-square-foot retail building dating to 1960 that houses an Ashley store, along with a newly constructed 1,978-square-foot freestanding restaurant building that is expected to soon open as a Taco John's. The brothers bought the property for $2.91 million in 2017. It is being marketed with a $7.67 million asking price.
The Abunasra brothers operate three Ashley furniture stores in Connecticut. Their third location occupies part of a former Macy's department store at Brass Mill Center in Waterbury. The brothers purchased the 161,744-square-foot building on 11.4 acres at 575 Union St. for $3.3 million in 2023.
Sami Abunasra had hoped to develop freestanding retail buildings on portions of the surrounding parking lot, but those plans have stalled amid disagreements with the owner of the neighboring mall.
