Mark Tritton, president, CEO, Bed Bath & Beyond
UNION, NJ—Bed Bath & Beyond reports it has completed a $250-million sale-leaseback deal with an affiliate of Chicago-based Oak Street Real Estate Capital involving a total of more than 2.1 million square feet of office, retail and distribution space.
The properties sold include retail stores, a distribution facility and office space. Bed Bath & Beyond will continue to occupy these properties pursuant to long-term leases.
The Wall Street Journal reports that among the properties that changed hands was Bed Bath & Beyond's corporate headquarters at 650 Liberty Ave. in Union, NJ and an undisclosed number of its approximately 1,500 retail stores.
"We are pleased to complete this sale-leaseback transaction," states Mark Tritton, Bed Bath & Beyond's president and CEO. "This marks the first step toward unlocking valuable capital in our business that can be put to work to amplify our plans to build a stronger, more efficient foundation to support revenue growth, financial stability and enhance shareholder value."
Bed Bath & Beyond expects to generate more than $250 million in proceeds from the sale-leaseback transaction with Oak Street Real Estate Capital.
The company and its outside financial advisors are reviewing its portfolio of retail concepts and owned real estate to optimize its asset base and enhance shareholder value. In connection with this review, the company notes that it is continuing to evaluate certain remaining owned real estate
Bed Bath & Beyond, which recently initiated a shakeup of its corporate leadership, will be announcing third quarter fiscal year 2019 financial results on Wednesday.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
