November 1, 2019
IKEA-anchored Elizabeth Center is welcoming two new big-box retail neighbors. A 150,000-square-foot Raymour & Flanigan retail showroom and customer service center has opened, and a soon-to-open 98,000-square-foot Floor & Décor will also come to the Elizabeth, NJ retail center. Both deals were brokered by CBRE’s Steven Winters.
On behalf of IKEA, Winters recently sold 1001 IKEA Dr. in Elizabeth for $11 million to furniture retailer Raymour & Flanigan. He also facilitated the signing of Floor & Décor to backfill a former Toys “R” Us site, also on behalf of IKEA, which operates a 350,000-square-foot store at the center.
Brian Katz of Katz and Associates represented Floor & Décor.
“Both Raymour & Flanigan and Floor & Décor saw great synergies in having a retail showroom next to a highly successful IKEA,” said Winters. “Moreover, Elizabeth Center is expanding with additional retail, restaurant and hospitality opportunities.”
For comments, questions or concerns, please contact Paul Bubny