Elizabeth Center
Real Estate

Two New Big Box Stores Coming to Elizabeth Center

CBRE announced that the IKEA-anchored Elizabeth Center is welcoming two new big box retail neighbors; a new 150,000 sq. ft. Raymour & Flanigan retail showroom and customer service center, and a 98,000 sq. ft. Floor & Décor.

CBRE’s Steven Winters, on behalf of IKEA, sold 1001 IKEA Drive in Elizabeth, New Jersey 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 sq. ft. 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 Drive and 900 IKEA Drive are both contiguous to a very successful +/-350,000 sq. ft. IKEA and are highly visible from the New Jersey Turnpike directly across from Newark International Airport. Elizabeth Center is in close proximity to The Mills at Jersey Gardens, one of the highest grossing sales per sq. ft. outlet malls in the Northeast.

“Both Raymour & Flanigan and Floor & Décor saw great synergies in having a retail showroom next to a highly successful IKEA,” said Mr. Winters. “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.”

“We are extremely pleased with Steven’s representation of our Elizabeth assets,” said Karen Talarico, Real Estate Project Manager at IKEA Property. Inc. “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.”

CBRE’s Winters and partner Michael Horne are also representing for sale, three additional land sites in Elizabeth Center, totaling +/- 22.8 acres. They are being sold only as a package and are available for the development of retail, restaurants and hospitality uses.

To access more business news, visit NJB News Now.

Related Articles: