Union, NJ-based Bed Bath & Beyond is leasing the space for 15 years at an aggregate rent of $3.1 million, or about $8.27 per sf. The deal was especially satisfying to officials at Zom Development Inc. of Winter Park, FL because it raised occupancy at the eight-year-old center by 12% to 73%, Crow associate Amy Young tells GlobeSt.com.
Young and John M. Crossman, senior vice president of Crow's retail investment services division, negotiated for Zom. J.R. Dupell of the Florida Shopping Center Group represented the tenant.
Bed Bath & Beyond plans to open its Gateway Plaza store by January after completing interior improvements at the site, Young says. The bulk of the retailer's stores range in size from 30,000 sf to 50,000 sf with some locations occupying over 80,000 sf, according to the company's website.
The new location is Bed Bath & Beyond's sixth store in Central Florida and its 41st in the state. Gateway Plaza, on State Road 46, is across the road from the 1.1-million-sf Seminole Town Center regional mall owned by Simon Property Group of Indianapolis.
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