Bed Bath & Beyond
has signed a lease to take more than 100,000 square feet at
Liberty View Industrial Plaza, a technology and industrial complex in
the Brooklyn neighborhood of Sunset Park, said an executive with the
real-estate firm that represented the building owner in the deal.
home-furnishings retailer plans to place four of its stores on the
building’s second floor: Bed Bath & Beyond; buybuy BABY; Cost Plus
World Market; and Harmon Face Values.
“They are going to be bringing a whole new center of retail gravity to this part of the world,” said
managing partner of CPEX Real Estate Services LLC, located in Brooklyn.
lease deal represents a milestone for the building’s owner, Salmar
Properties LLC. The firm has spent about $100 million over the last 2½
years to overhaul the long-vacant industrial loft, which was built in
“Bed Bath & Beyond originally wanted just one store but
then started to realize they could create a new experience in the
managing member of Salmar.
Such a large project by a major
retailer will boost property values in the area and lure other types of
shops into the neighborhood, Mr. King said. He said he expects Bed Bath
& Beyond’s four-store concept to draw shoppers from the entire
borough. The complex has a parking lot that takes up an entire block
adjoining the building.
Brooklyn’s popularity and the many
residential developments that have sprung up over the last several years
have helped boost the borough’s retail corridors.
A 2014 CPEX
retail report identified 43 additional retail corridors in Brooklyn,
bringing the total number to 88. Of those 88 retail districts, 10
corridors had retail rents over $100 a square foot compared with just
two corridors five years ago.