SPRINGFIELD – The La-Z-Boy furniture gallery on the city’s west side has sold for top dollar.
Sangamon County employee Jim Kunz confirmed on March 24, the La-Z-Boy furniture store at 3440 Wabash Ave. in Springfield sold for a balmy $5,279,222 for retail use.
The sale took place between La-Z-Boy Retail Inc. of Monroe, Michigan and new owner Realty Income Properties 28 LLC, a San Diego-based Californian company LLC incorporated in May 2013.
The price tag for the singular one-acre 592,805-square-foot building is higher than the average selling price, including big box stores out on the west side close to White Oaks Mall.
In May of last year, the Aldi on Freedom Drive was sold to Agree Realty of Royal Oak, Michigan for $4,950,000, according to Sangamon County property sales tax records.
The Aldi sits on one of the busiest intersections of the city, with Freedom Drives Parkway Pointe Plaza a staple of shopping in Springfield cemented with a Target and Walmart on either side of the shopping center.
For the La-Z-Boy furniture gallery, the building is flanked on one side by the Bank of Springfield and Joynight mattress store on the other off Wabash Avenue.
About the new owner
Registered with the Illinois corporation service company, Realty Income Properties is the parent owner of the LLC and is one of the forefronts of real estate investments in the U.S., United Kingdom and several other European countries.
The company touts an expansive portfolio of leased spaces, including over 15,000 commercial properties leased across all 50 states and in September of 2025 settled 5.6 million shares out outstanding forward sale agreements, to make $319.7 million in gross proceeds.
The majority of leased properties under Realty Income are grocery stores and convenience stores primarily in the midwest.
In Illinois, Realty Income has 587 properties listed on their website.
Will La-Z-Boy furniture be leaving?
When realty property groups buy buildings for large amounts, the investment usually comes partly because a longstanding business has been inside the property for years and can pay a lease.
While it is unconfirmed from Realty Income if La-Z-Boy is closing, store associates said there would be no changes at the store – other than a clearance sale for recliners and accessories starting April 21.
The store associate explained after the death of the local owner who ran the La-Z-Boy since the ’90s, in 2023 corporate re-acquired the Springfield store from the Hilst family.
(This story was updated because a previous version included an inaccuracy.)
Claire Grant writes about business, growth and development and other news topics for The State Journal-Register. She can be reached at CLGrant@usatodayco.com; and on X (Formerly known as Twitter): @Claire_Granted
This article originally appeared on State Journal-Register: A furniture store in Springfield sold for more than $5M in March
Reporting by Claire Grant, Springfield State Journal-Register / State Journal-Register
USA TODAY Network via Reuters Connect
