SPOTLIGHT ON NEW YORK: Bed Bath & Beyond Heading to Brooklyn
- Jan 27, 2015
By Veronica Grecu, Associate Editor
After going through a $100 million makeover, the 1.1 million square foot Liberty View Industrial Plaza is rapidly generating interest among Brooklyn’s retailers.
Owned by Salmar Properties and located at 850 Third Avenue in Sunset Park, the eight-story industrial facility—which was built in the 1920s as the United States Navy Fleet Supply Base Storehouse #2—will be home to the City-financed Manufacturing Innovation Hub for Apparel, Textiles & Wearable Tech. As previously reported by Commercial Property Executive in December, the new fashion hub will house around 30 businesses and 50 fashion designers in 160,000 square feet of space on the entire seventh floor at the property.
As 2014 was drawing to a close, Liberty View Industrial Plaza landed another big box tenant. Domestic goods retailer Bed Bath & Beyond signed a long-term lease for more than 100,000 square feet of space at the property, marking one of Brooklyn’s largest retail lease agreements in 2014. Salmar Properties was represented by a CPEX Real Estate Services team led by founder Timothy King, while Lon Rubackin of CBRE negotiated the transaction on behalf of Bed Bath & Beyond. In a prepared statement CPEX announced that for the first time in New York City the domestic goods retailer will share one of its stores with three of its subsidiary brands: buybuy BABY, Cost Plus World Market, and Harmon Face Values. Bed Bath & Beyond owns and operates more than 1,500 stores worldwide, including 1,017 stores across the U.S.
According to The Wall Street Journal, Bed Bath & Beyond’s lease at Liberty View Industrial Plaza will run for 15 years with options for additional years, and the stores are scheduled to open in November 2015.
Photo credits: CPEX Real Estate Services