The seller was Breeze-Eastern Corp., a manufacturer of hydraulic lifting devices for helicopters, including rescue hoists, cargo hooks and weapons-lifting systems. According to information released by Breeze-Eastern, the sale price was $10.5 million, or about $59 per sf, and net proceeds of $9.8 million have been applied to the company's outstanding debt.
And while the building is set to become Bed Bath & Beyond's new corporate headquarters, that may not happen just yet. Under the terms of the sale agreement, say Breeze-Eastern officials, the company will lease the facility for up to two years pending its own relocation to a new site to be selected.
In the sale transaction, GVA Williams NJ president David Simson and SVP Ward Greer, both in the firm's Parsippany office, represented the buyer. VP Lori Zuck in the same office and managing director Marvin Rosenberg of GVA Williams NY represented the seller.
"Bed Bath & Beyond was seeking a new headquarters location, and when we presented the company with the opportunity to purchase the building adjacent to its existing facility for its corporate expansion, it resulted in a win-win scenario for both parties," says Simson. "Bed Bath & Beyond plans to completely retrofit the warehouse space into corporate offices."
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