These retailers will take over Bed Bath & Beyond’s ‘top-notch’ store leases
by Gabrielle Fonrouge // PUBLISHED THU, JUN 29 2023
KEY POINTS
- Bed Bath & Beyond has selected the successful bidders for 109 of its store leases, and Burlington Stores will win the lion’s share.
- The off-price giant is slated to take over 50 former Bed Bath & Beyond locations for $13.53 million.
- Michael’s, Haverty, Macy’s and Barnes & Noble were among the other winners.
Bed Bath & Beyond locations across America will soon be replaced by Burlington Stores outposts and a range of other businesses, after the failed home goods retailer auctioned off its leases as part of its bankruptcy proceedings, court records show.
The doomed big-box store selected bidders for 109 of its leases after a Monday auction. Off-price giant Burlington agreed to take over 44 of the locations for $12 million, the largest share of the leases, records filed late Tuesday show.
Burlington secured six more leases for $1.53 million outside the auction process, bringing the total number of locations to 50 for $13.53 million, records show.
Many of the locations are considered “top notch,” said Bill Read, executive vice president of commercial real estate firm Retail Specialists. The firm provides retailers in growth mode an opportunity to snag leases in prime locations amid a dearth of quality commercial real estate.
“In aggregate, the Bed Bath & Beyond locations were some of the best that I’ve seen become available. They’re usually in large community centers with Target as an anchor and multiple other desirable anchor tenants in the shopping center,” Read told CNBC.
Bill Read, EVP, Retail Specialists
“These are generally in well-established, mature markets that have a proven track record of generating high sales,” he continued.
About Retail Specialists
Retail Specialists, LLC is the premier retail real estate services firm in the south. We are committed to long-term relationships in property management, retail representation, development, and leasing and brokerage.
Founded in 2005, we’ve thrived through tough times and shine under pressure. A unique mix of experience, technology, and data have proven successful in a business we love. Retail Specialists is licensed in eight states including Alabama, Florida, Georgia, Louisiana, Mississippi, Oklahoma, South Carolina and Tennessee and currently represents retailers, developers, and retail property owners throughout this territory.
In 2023, Retail Specialists was named Real Estate Company of the Year for Small Business with a Gold Stevie Award, reflecting their exceptional performance in the commercial real estate industry.
