A&G Real Estate Partners to market 27 Sam Ash leases

Weeks after filing for Chapter 11 bankruptcy, Sam Ash store leases are becoming available to new tenants.

A&G Real Estate Partners announced plans to market 27 store leases in 12 states on behalf of the music retailer, pending court approval. The average size of the leases on offer is 25,467 sq. ft., ranging from a “pocket store” of just 6,000 sq. ft. to a 44,000-sq.-ft. large-format box store.

At the beginning of May, Sam Ash filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the District of New Jersey. Tiger Group and Gordon Brothers began conducting store closing sales at Sam Ash's 42 remaining stores as it pursues options for its go-forward strategy.

“Sam Ash became a beloved institution among generations of customers,” said Emilio Amendola, co-president of New York-based A&G. “Along the way, the company took incredible real estate in high-visibility, high-traffic locations all over the country. Especially given today’s high construction costs, interest rates and occupancies, these leases represent an extraordinary opportunity for expanding retailers.”

The 27 Sam Ash stores A&G is offering are in: 

• Arizona (Phoenix)
• California (Ontario, San Diego, Torrance, Westminster)
• Florida (Margate, Miami, Orlando, Sarasota, Tampa)
• Indiana (Indianapolis)
• Nevada (Las Vegas)
• New Jersey (Cherry Hill, Springfield)
• New York (Brooklyn, Carle Place, White Plains)
• North Carolina (Charlotte, Raleigh) 
• Ohio (Lyndhurst)
• Tennessee (Madison)
• Texas (Dallas, Houston, San Antonio)
• Virginia (Richmond)

Lease expirations and options vary, with some stores boasting 12 or 15 years of remaining term. Five-year renewal options are common across the portfolio.

“In terms of store size, these locations are ideal for a broad array of U.S. retailers,” said Todd Eyler, A&G senior managing director. “They’re an especially great fit for today’s fast-expanding fitness and workout-recovery franchises, family entertainment concepts, and traffic-driving, discount ‘treasure hunt’ retailers. We anticipate robust interest in these leases.”

Immigrant violinist Sam Ash and his wife Rose launched the first store in Brooklyn in 1924. Their sons, Jerry Ash and Paul Ash, veterans of WWII and Korea, respectively, began the growth of the business that continued over subsequent generations. Four generations of the family, most recently Sam and Rose's great-grandchildren, have played an active role in the iconic business.

Sam Ash's 42 stores are located in 16 states: Arizona, California, Connecticut, Florida, Georgia, Illinois, Indiana, North Carolina, New Jersey, Nevada, New York, Ohio, Pennsylvania, Tennessee, Texas and Virginia.