Former Home Depot Expo — Gallery on the Parkway
Structured Bed Bath & Beyond's first Texas acquisition, repositioning the former Home Depot Expo — part of 92 leases totaling 2.7M SF placed across the Southwest.
After a year of developing the optimal strategy for the trade area including negotiations of a lease renewal and a new lease alternative for Bed Bath & Beyond's flagship location at the Village on the Parkway, Steve Lieberman and Peter Russell, Director of Real Estate for Bed Bath & Beyond, Inc. structured a new twist: a purchase contract—the company's first acquisition in Texas.
Lieberman and Russell have structured 92 leases, totaling 2.7 million SF, across the southwest for Bed Bath & Beyond, Inc. In the largest purchase by a retailer in 2009, The Retail Connection represented Bed Bath & Beyond, Inc. in the acquisition of the former 128,000 SF Home Depot Expo at the Dallas Galleria. The building became the new home for Bed Bath & Beyond's prominent 54,337 SF Beltline/Tollway flagship superstore.
In addition, Bed Bath added their newest concept, buybuyBABY (33,607 SF) in its largest Texas format as well. Both stores opened in January 2010. Bed Bath & Beyond operates 23 full line stores in DFW and this was their second buybuyBABY in the area.
Bed Bath & Beyond had operated its Village on the Parkway store for 15 years. The iconic site was the company's first store in DFW, and flagship for the state of Texas. Despite a multi-level layout and constrained parking, the store was one of the chain's top performers, making any moves relating to the store significant.
The Home Depot Expo property was premier real estate. The size of the box, economics associated with the transaction, and the macroeconomic environment created multiple challenges. However, the site provided Bed Bath & Beyond several opportunities that they could not pass up, including the ability to deliver its customers a ground-level, ground-zero shopping experience with incredible accessibility and parking.