January 7, 2020
Housewares chain Bed Bath & Beyond Inc., headquartered in Union, NJ, has completed a sale-leaseback with an affiliate of Oak Street Real Estate Capital, generating more than $250 million in net proceeds. The properties sold represent approximately 2.1 million square feet of commercial space, including retail stores, a distribution facility and office space.
“This marks the first step toward unlocking valuable capital in our business that can be put to work to amplify our plans to build a stronger, more efficient foundation to support revenue growth, financial stability and enhance shareholder value,” said Mark Tritton, president and CEO of Bed Bath & Beyond.
Bed Bath & Beyond will continue to occupy these properties under long-term leases. The SLB comes as the retailer and its outside financial advisors are reviewing its portfolio of retail concepts and owned real estate to optimize its asset base and enhance shareholder value.
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