A&G Real Estate Partners Sells 296 Big Lots Store Leases
A&G Real Estate Partners Sells Big Lots Store Leases
A&G Real Estate Partners, a prominent name in real estate, is taking significant steps to assist Big Lots, Inc. in its restructuring process. The company has announced a plan to market 296 store leases across multiple states. This strategic move aims to help Big Lots streamline operations and continue serving its customers effectively.
Overview of Store Lease Offerings
The initial offering encompasses leases for stores located in 37 states, effectively spanning a wide region and enhancing accessibility for potential buyers. This is part of a larger effort by Big Lots as it undergoes voluntary Chapter 11 proceedings.
Big Lots' Restructuring Journey
Big Lots, operating more than 1,300 stores nationwide, has commenced proceedings to facilitate the sale of its assets and business operations. The company's deal with an affiliate of Nexus Capital Management LP marks a pivotal moment in its history. This change comes after the company received authorization from the Court to initiate the sale process for 144 of its store leases.
Details of the Auction Process
The auction for the initial set of store leases will see a bid deadline approaching soon, set for a specified date in September. Each of these store leases varies in size, ranging from 18,000 to a substantial 58,400 square feet, allowing for a diverse range of options for prospective buyers.
Strategic Negotiations and Store Closures
A&G is deeply involved in lease-restructuring negotiations, ensuring that Big Lots retains locations capable of driving customer engagement. As the company moves forward, it continues to evaluate its real estate portfolio and will close additional stores as deemed necessary.
Desirable Locations in the Market
A&G Co-President Andy Graiser noted the prime nature of these locations, with many situated in well-positioned shopping centers. Competitiveness in retail occupancy rates has reached a historic high, making the availability of these leases particularly appealing to potential buyers.
Details on Additional Leases
Alongside the initial 144 leases, Big Lots anticipates seeking Court approval to initiate the sale of an additional 152 store leases. These additional leases will also cover a broad array of states, reinforcing the company’s wide-reaching presence.
Contact Information for Interested Parties
For more information, those interested are encouraged to reach out to A&G’s representatives, ensuring a pathway for stakeholders looking to engage with the offerings. Direct contact details are provided for outreach.
Frequently Asked Questions
What is the purpose of the store lease sale?
The sale aims to assist Big Lots in its restructuring efforts, facilitating operations as it navigates through Chapter 11.
How many leases are being sold?
A&G is marketing 296 Big Lots store leases across the United States.
What is the bid deadline for the initial auction?
The bid deadline for the auction process regarding the initial leases is set for a specific date in September.
Who is managing the lease sales?
A&G Real Estate Partners is managing the marketing and sale of the store leases.
How can interested parties get in touch for more details?
Interested parties can contact Mike Matlat at (631) 465-9508 or Todd Eyler at (914) 325-1602 for further information.
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