A&G to auction 695 Party City store leases in early February
The party is winding down at Party City stores.
A&G Real Estate Partners said it will auction 695 Party City store leases as the nearly 40-year-old retailer begins to wind down operations and hold going-out-of-business sales at its stores. A&G is serving as real estate advisor to Party City Holdco Inc., which filed for bankruptcy in December with plans to commence a "wind down" of its retail and wholesale operations, citing"an immensely challenging environment driven by inflationary pressures on costs and consumer spending, among other factors."
The bid deadline and auction likely will be in early February. (The auction is pending court approval.)
With box sizes that range from approximately 7,000 sq. ft. to 46,000 sq.-ft. the stores are a fit for a wide array of potential users, including gyms and entertainment tenants, dollar stores, local specialty retailers, furniture stores and medical office clinics, noted A&G. The leases are for freestanding stores as well as those located in power centers, strips and city street locations.
"This is a large and diverse store portfolio, with good real estate and a great many stores located in high-traffic shopping centers," said Emilio Amendola, co-president of A&G and leader of the New York-based company's real estate sales division.
Added Andy Graiser, co-president of A&G: "This offers operators the chance to open in turnkey spaces that are ready for immediate occupancy with favorable lease terms in both suburban and urban retail markets.”
The stores leases that will be going up for auction are in the following states:
Alaska (1)
Alabama (10)
Arkansas (1)
Arizona (15)
California (82)
Colorado (13)
Connecticut (12)
Delaware (2)
Florida (59)
Georgia (27)
Iowa (6)
Illinois (37)
Indiana (16)
Kansas (3)
Kentucky (7)
Louisiana (7)
Massachusetts (20)
Maryland (20)
Maine (2)
Michigan (20)
Minnesota (10)
Missouri (12)
Mississippi (1)
North Carolina (21)
North Dakota (4)
Nebraska (3)
New Hampshire (3)
New Jersey (26)
New Mexico (3)
Nevada (5)
New York (46)
Ohio (23)
Oklahoma (6)
Oregon (2)
Pennsylvania (25)
Rhode Island (2)
South Carolina (10)
Tennessee (14)
Texas (72)
Virginia (19)
Vermont (1)
Washington (16)
Wisconsin (10)
West Virginia (1)
The full store list is available here. The auction will take place at the Manhattan office of PCHI legal counsel Paul, Weiss, Rifkind, Wharton & Garrison LLP, located at 1285 Avenue of the Americas.
For additional details, including bid procedures as well as remaining lease terms for individual locations, contact Amendola at (631) 465-9507, [email protected]; A&G senior managing director Mike Matlat, (631) 465-9508, [email protected]; or A&G senior managing director Doug Greenspan, (310) 770-7832, [email protected].
