[caption id="attachment_214424" align="aligncenter" width="1024"] Raymour & Flanigan has purchased its Concord Pike store, seen here, for $16 million. | DBT PHOTO BY MIKE ROCHELEAU[/caption]
WILMINGTON – The furniture retailer Raymour & Flanigan has invested in its Wilmington suburb storefront, buying the property for $16 million in a recent deal, according to county land records.The July 28 deal includes more than 3 acres at 5303 Concord Pike near the intersection of U.S. Route 202 and Naamans Road near the Pennsylvania border. The property includes both Raymour & Flanigan’s current 58,000-square-foot showroom as well as a smaller roughly 6,000-square-foot storefront to the north that features a fitness equipment retailer and a vape shop.The property was acquired from Music Service & Investment Company, a limited liability company tied to Dwight Lanning, of Virginia. The furniture retailer had signed a 2018 lease with Lanning’s company that wasn’t set to expire until 2033.Raymour & Flanigan is the 11th largest furniture retailer in the U.S. by sales as of 2019, according to datafrom Statista. It also has a significant real estate arm though, with holdings in Pennsylvania, New Jersey, New York, Connecticut and Massachusetts.The Syracuse, N.Y.-based retailer was founded as Raymour Furniture by the Goldberg family in 1946. It became Raymour & Flanigan after the company acquired a competitor, Flanigan’s Furniture, in 1990, and has since expanded across the Northeast, operating dozens of showrooms and outlet stores.A Raymour & Flanigan real estate executive declined to comment on the sale Monday when reached by Delaware Business Times.With a sale price point of nearly $250 per square foot, the deal shows the strength of the Wilmington suburb market, especially land near the Pennsylvania border. The average retail lease rate for New Castle County last quarter was $20 per square foot, according to a CBRE report.Last year, Acadia Realty Trust signed off on an investment deal that valued the neighboring Brandywine Town Center off Naamans Road at about $160 million. Meanwhile, further east along the Pennsylvania border in Claymont, Yellowstone Property Group recently acquired the Edge at Greentree apartments for $51.5 million, the most expense real estate deal so far this year.