Bed Bath and Beyond to close at Ventura Place in northeast Albuquerque – Albuquerque Business First
This story has been updated to include a statement from Bed Bath and Beyond.
Ventura Place, a shopping center on Paseo Del Norte in the Northeast Heights of Albuquerque, is losing one of its major tenants.
Bed Bath & Beyond Inc. will close its location at 8850 Holly Ave. NE by the end of the month, according to Pegasus Group LLC President Anthony Johnson, who is the company’s New Mexico broker. Signage announcing the closure is up at the store too.
"[Bed Bath & Beyond] could not come to terms with existing ownership on a lease renewal rate," Johnson said about the Holly Avenue store’s decision to close.
The New Jersey-based home decor store was leasing about 28,000 square feet. Also in the shopping center is grocery store Trader Joe’s, Jinja Bar and Bistro and Pharmaca, along with other retailers and restaurants. Business First previously reported the center was built in 2006.
"It’s never good when you lose your anchor but it’s really good real estate," Johnson said.
He added he has already heard of interest and inquiry for the space. Base 5 Retail Partners, an Albuquerque-based commercial real estate brokerage firm, lists the lease rate for the center at $28 per square foot.
"Our lease term is ending for our Ventura Place location. Our customers can find us at 2451 San Mateo Boulevard NE, 3601 Old Airport Road or 3575 NM Highway 528 NE in Rio Rancho. Customers can also shop online at bedbathandbeyond.com. All employees have been given the opportunity to continue working for us at a different location," wrote spokeswoman Leah Drill in a statement to Business First.
The closure comes after a year when brick-and-mortar retail has struggled, both locally and nationally, with longtime retailers announcing closures.
Bed Bath & Beyond released its third quarter results of fiscal 2017 last month. The company reported net earnings of $.44 per diluted share – $61.3 million – compared to $.85 per diluted share – $126.4 million – for the fiscal 2016 third quarter. And net sales were approximately $3 billion, "relatively flat to the prior year quarter," according to the report.