Elizabeth Center on IKEA Drive in Elizabeth — Courtesy: CBRE
By Joshua Burd
Two new big-box retailers have joined the well-known IKEA-anchored retail complex along the New Jersey Turnpike, occupying a combined 248,000 square feet at the Elizabeth property.
Brokers with CBRE announced Tuesday that Raymour & Flanigan and Floor & Décor have committed to new locations at what’s known as Elizabeth Center. Raymour has acquired a 150,000-square-foot location at 1001 IKEA Drive for $11 million, while Floor & Décor is leasing 98,000 square feet at the former Toys R Us store at 900 IKEA Drive.
CBRE’s Steven Winters represented IKEA in both the sale and the lease, noting that Raymour opened its store last month. 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,” 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.”
Both the Raymour and Floor & Décor locations are contiguous to the 350,000-square-foot IKEA, a fixture along the Turnpike for nearly three decades. Elizabeth Center is also close to The Mills at Jersey Gardens, one of the highest grossing sales-per-square-foot outlet malls in the Northeast.
“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 marketing three additional land sites in Elizabeth Center for a combined 22.8 acres. The parcels are being sold only as a package and are available for the development of retail, restaurants and hospitality uses.
