A New York-based real estate investment firm has purchased the QVC distribution center near Landisville for $15.5 million, courthouse records show.
A spokeswoman for Saadia Group said itâs negotiating a lease with an unidentified tenant that would bring 300 to 1,000 jobs to the 765,000-square-foot complex, depending on the time of year.
The tenant will begin operating in the 1000 Stony Battery Road building, near the Hempfield recCenter, by the end of the year, nearly replacing the 1,100 jobs being lost as QVC completes its previously announced wind-down there.
The amount of renovation needed to prepare the West Hempfield Township structure for Saadiaâs tenant remains to be determined, the spokeswoman said.
Toys R Us And Lord & Taylor Revivals Only Latest Examples Of Back-From-The-Dead Retailers forbes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from forbes.com Daily Mail and Mail on Sunday newspapers.
Dive Brief:
In April, Lord & Taylor will be back in business, online only, to be known as America s Collective Store, according to an emailed press release Thursday from new owner The Saadia Group.
The investment firm won the intellectual property of the iconic department store and its newish owner, rental site Le Tote, at an October bankruptcy auction with a bid of $12 million. (The Saadia Group didn t share its plans for Le Tote.)
The firm last year also bought RTW Retailwinds out of bankruptcy for $40 million. Talent from that operation, (which includes New York & Co. and Fashion to Figure), and Saadia s manufacturing, wholesaling and retailing expertise are being leveraged for the Lord & Taylor comeback, according to Nick Kaplan, president of Fashion to Figure and New York & Co.
Savills announced that it represented the Saadia Group in a 40,738 s/f sublease at 275 Madison Avenue.
The New York City based investment firm will leverage the contiguous space as the new headquarters for Lord & Taylor and New York & Company, whose intellectual properties were acquired by the Saadia Group in October of last year. Andrew Zang, an assistant director at Savills, said Jack Saadia, principal and co-founder of the Saadia Group, sought a space for the firm’s recently acquired brands and tapped Savills for a strategic plan that included identifying a location that would allow Lord & Taylor and New York & Company to quickly establish operations while maintaining a New York City presence and accommodating future growth.
Retail Resurrects: Lord & Taylor Relaunching E-commerce yahoo.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from yahoo.com Daily Mail and Mail on Sunday newspapers.