For Immediate Release
July 9, 2008BALTIMORE-BASED VANGUARD EQUITIES ACQUIRES PRIME PROPERTY IN DOVER, DELAWARE
Vanguard to develop new regional shopping center for growing market
(Baltimore, Md) -- Vanguard Equities, a Baltimore-based real estate developer with expertise in commercial development throughout region, has announced the acquisition of a centerpiece property in Dover, Delaware. Dover Crossroads, the 25-acre parcel of land located adjacent to the Dover International Speedway and the Dover Downs Hotel & Casino, will be developed by Vanguard as a 215,000-sq. ft. regional shopping center.
Vanguard has secured Bed Bath & Beyond® and The Christmas Tree Shops® as anchor tenants for Dover Crossroads. This is the first location in the Dover area for both national retailers.
Site preparation and construction of Dover Crossroads will begin in August, with opening slated in the summer of 2009.
“Dover Crossroads is Dover’s newest retail project in recent years and we are pleased to work on behalf of the community and its leadership to develop a shopping center that meets the needs and expectations of the community,” said Bradley Glaser, principal of Vanguard Equities.
Vanguard has considerable experience in developing retail centers throughout the region. The firm recently completed development of Centre Court in Pikesville. Other projects completed by the firm include German Hill Shopping Center on Merritt Boulevard in Eastern Baltimore County; Lighthouse Plaza in Rehoboth Beach, Delaware; and Kingsbrook Crossing in Frederick, Maryland. These projects, along with others in Vanguard’s portfolio, total more than 50 development projects of commercial space over their 20-year history and include such retailers as Giant Food, Best Buy, CVS, La-Z-Boy Furniture, and M&T Bank.
Vanguard Equities, a Baltimore-based real estate development firm founded in 1987 by Leonard Weinberg II and Bradley S. Glaser, provides shopping center development, residential land development and management functions for properties in Maryland, Virginia and Delaware. Working closely with local and national tenants to identify and develop property locations that meet their business strategies, Vanguard has been successful on behalf of such retailers as Giant Food, Walgreen’s, Pep Boys, Chevy Chase Bank, Starbucks, and others.
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ABOUT CHRISTMAS TREE SHOPS
Founded in 1970 as a seasonal specialty retailer on Cape Cod, CHRISTMAS TREE SHOPS has grown into the preferred year-round shopping destination for bargain hunters everywhere. With a huge, ever-changing assortment of unique, exclusive and brand name merchandise, CHRISTMAS TREE SHOPS has become famous for home décor, giftware, housewares, food, paper goods and seasonal products.
ABOUT BED BATH & BEYOND
Bed Bath & Beyond Inc. and subsidiaries (the “Company”) is a chain of retail stores, operating under the names of Bed Bath & Beyond, Christmas Tree Shops, Harmon, Harmon Face Values and buybuy BABY. The Company sells a wide assortment of merchandise principally including domestics merchandise and home furnishings as well as food, giftware, health and beauty care items and infant and toddler merchandise. As of May 31, 2008, the Company operated a total of 981 stores, including 890 Bed Bath & Beyond stores (9 of which were opened during the fiscal first quarter), in 49 states, the District of Columbia, Puerto Rico and Canada. In addition, as of May 31, 2008, Christmas Tree Shops operated 41 stores, buybuy BABY operated 10 stores (1 of which was opened during the fiscal first quarter) and 40 stores operated under the names of Harmon and Harmon Face Values. Shares of Bed Bath & Beyond Inc. are traded on NASDAQ under the symbol “BBBY” and are included in the Standard and Poor’s 500 and Global 1200 Indices and the NASDAQ-100 Index. The Company is counted among the Fortune 500 and the Forbes 2000.
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