The IKEA-anchored Elizabeth Center is welcoming two new big box retailers to Elizabeth: a 150,000-square-foot Raymour & Flanigan retail showroom and customer service center, and a soon-to-open 98,000-square-foot Floor & Decor.
CBRE said on behalf of IKEA, Steven Winters, vice president, sold 100 IKEA Drive for $11 million to Raymour & Flanigan, which opened last month. He also facilitated the lease for Floor & Decor at 900 IKEA Drive, the former Toys ‘R’ Us site. Brian Katz, CEO 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,” Winters said. “Having a furniture retailer of Raymour & Flanigan’s caliber and Floor & Décor, a flooring superstore, join IKEA as co-anchors of the Elizabeth Center makes this a tremendous destination to shop for home furnishings and accessories. Moreover, Elizabeth Center is expanding with additional retail, restaurant and hospitality opportunities.”
The two sites, CBRE said, share a common area with a 350,000-square-foot IKEA and will be highly visible from the New Jersey Turnpike.
“We are extremely pleased with Steven’s representation of our Elizabeth assets,” Karen Talarico, real estate project manager at IKEA Property Inc., said. “Steven’s professionalism and retail market knowledge helped us secure two select retailers that enhance our customer’s visits to Elizabeth Center and have made Elizabeth Center the place to shop if you’re looking to furnish and/or renovate your home.”
Winters and Michael Horne, first vice president at CBRE, are also representing for sale 22.8 acres worth of additional land sites in Elizabeth. The three sites are being sold as a package and are ready to develop for retail, restaurant and hospitality uses.