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Jax Daily Record Wednesday, Jan. 8, 202001:00 PM EST

Bed Bath & Beyond sells Timberlin Village shopping center

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Sale is part of retailer's effort to pay down debt and raise money.

Bed Bath & Beyond Inc. sold its Timberlin Village shopping center property at 8801 Southside Blvd. for $19.9 million.

The sale is part of a strategy by new CEO Mark Tritton, reported by The Wall Street Journal, to pay down debt and raise money to transform the troubled retailer.

The New Jersey-based company sold its headquarters, about half its stores and other real estate to generate about $250 million.

Oak Street Real Estate Capital LLC, a Chicago-based private equity real estate firm, bought the properties.

The chain will lease the space for its stores from the new owner.

The 10.31-acre parcel on Southside Boulevard is north of Timberlin Park Boulevard near The Avenues mall. It comprises about 118,083 square feet of retail space with other stores including PetSmart, buybuy BABY and Christmas Tree Shops andThat! 

Oak Street bought the Southside Boulevard property through subsidiary Edison JAFL001 LLC on Dec. 20.

The shopping center, built in 1997, was purchased by Bed Bath & Beyond in 2011 for $13.5 million.

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