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PHOENIX-A local home furnishings retailer has spent $1.3 million for a freestanding 11,875-sf building beside its leased store. The plan is to spend $500,000 on renovations and then move the shop.

The specialty retailer of European antiques and garden decorations, now occupying 4,500 sf, is planning to open doors at 839-841 E. Camelback Rd. in September, according to Gordon Raguse, a senior vice president with Grubb & Ellis|BRE Commercial LLC. "They have been in their current location for six years and they're running out of space," he says. "This building is perfect because it's adjacent to their existing space." Relics will spend about $500,000 to remodel the structure, according to Raguse, who says the makeover will include a cafe.

Raguse tells GlobeSt.com that Relics was outbid for the building when it first came on the market. "But, that deal fell apart and we stepped back in," the buyer's broker explains, adding the property listed for $1.5 million. The building was previously occupied by the Atlanta-based Aaron Rents Inc. and had been dark less than 30 days when it went under contract. Local seller Pinnacle 1031 Exchange FBO M&F Property was represented by Milt Jesman with GVA Daum's local office.