CBRE completes two big box retail deals in Elizabeth, NJ
ELIZABETH, NJ — CBRE announced that the IKEA-anchored Elizabeth Center is welcoming two new big box retail neighbors; a new +/-150,000 s/f Raymour & Flanigan retail showroom and customer service center, and a soon to open +/-98,000 s/f Floor & Décor. CBRE’s Steven Winters, on behalf of IKEA, sold 1001 IKEA Dr. in Elizabeth for $11 million to Raymour & Flanigan, which opened last month. Winters, also on behalf of IKEA, facilitated the signing of a long-term 98,000 s/f lease for Floor & Décor at 900 IKEA Drive, the former Toys “R” Us site. Brian Katz of Katz and Associates represented Floor & Décor. 1001 IKEA Dr. and 900 IKEA Dr. are both contiguous to a very successful +/-350,000 s/f IKEA and are highly visible from the New Jersey Tpke. directly across from Newark International Airport. Elizabeth Center is in close proximity to The Mills at Jersey Gardens, one of the highest grossing sales psf outlet malls in the Northeast.