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07/14/2020

A&G marketing four Neiman Marcus leases

Marianne Wilson
Editor-in-Chief
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Neiman Marcus

Neiman Marcus Group could close four namesake stores as part of its bankruptcy proceedings.

A&G Real Estate Partners is marketing leases for the luxury department store retailer. The locations are in Walnut Creek, California; Bellevue, Washington; Palm Beach, Florida; and Washington, D.C. (See end of article for more locations details.)

With long-term, multiple-option leases, the buildings are situated in prime, high-visibility retail districts or shopping centers, said Emilio Amendola, co-president of Melville-based A&G, which provides real estate advisory services.

“These leases represent an incredible opportunity for retailers and investors to gain a foothold in markets that, under normal conditions, are renowned for their traffic and sales—as well as for their high barriers to entry," Amendola said. "Additionally, some of these locations are particularly promising for conversion to  hotel, office or residential use."

Dallas-based Neiman Marcus filed for Chapter 11 bankruptcy protection in May. The retailer has secured debtor-in-possession financing of $675 million from creditors to enable business continuity throughout the proceedings.

The leases being marketed by A&G are for the following Neiman Marcus stores:

1275 Broadway Plaza, Walnut Creek, California
Building: 87,608 square feet
Term: Expires March 31, 2032 (options available through March 31, 2112).

Mazza Gallerie, 5300 Wisconsin Ave. NW., Washington D.C.
Building: 126,296 square feet
Term: Expires November 30, 2027 (options available through May 31, 2051)

151 Worth Ave., Palm Beach, Florida
Building: 48,661 square feet
Term: Expires May 31, 2026 (options available through May 31, 2051)

Shops at Bravern, 11111 NE 8th St., Bellevue, Washington
Building:124,637 total square feet
Term: Expires January 1, 2040 (options available through January 31, 2030)