Brokers from CB Richard Ellis arranged the transaction, representing both the buyer and the seller. Involved in the deal were Brian S. Knowles, first vice president, and Robert Pine, associate in the firm's East Brunswick, NJ office; and SVP Pat Green of the firm's Philadelphia office. The sale price was not disclosed, however, an industry source places the transaction in the $11 million range.
"A favorable outcome was achieved for both parties in this transaction," Knowles says. "Our relationships with both the buyer and seller helped us identify each company's requirements, making it more effective to facilitate a timely transaction.
"In particular, the acquisition of this property will accommodate Raymours Furniture Co.'s continued expansion into Central and Southern New Jersey," he continues. The deal actually involves a relocation of its existing regional distribution center for the buyer, which it opened at a nearby location in 2001. Based in Liverpool, NY, the company had opened its initial Raymour & Flanigan Furniture store in the Garden State in 1997 and has been adding stores in the region ever since.
The company was founded in the late 1940s with a single Raymours Furniture store in downtown Syracuse, and re-branded itself as Raymour & Flanigan in 1990 when it bought the Flanigan Furniture chain in upstate New York. The company currently operates 50 stores in a half-dozen eastern states from Massachusetts to Delaware.
The company's newly acquired W/D facility is a one-story building with a 16,000-sf component of executive offices. Raymours will occupy the entire building as its distribution center for the tri-state region of South Jersey, Pennsylvania and Delaware.
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