A&G Real Estate Partners began marketing leases for approximately 280 store locations across the United States that are being closed by Stein Mart in connection with its voluntary Chapter 11 bankruptcy. A&G, which was retained as Stein Mart’s real estate advisor, also is offering leases for three distribution centers and two office properties.
The Jacksonville, FL-based retail chain’s stores range in size from 25,000 square feet to 51,000 square feet and average 35,000 square feet. The stores are located in 30 states, with heavy concentrations in Arizona, California, Florida, Georgia, North Carolina, Ohio, South Carolina, Tennessee, Texas and Virginia.
“The Stein Mart stores offer excellent opportunities for expansion-minded retailers, grocers, gyms, entertainment venues, large medical facilities and other users to gain entry in coveted power centers, lifestyle centers and neighborhood centers at favorable rents,” Emilio Amendola, co-president of A&G, said. “With many of the leases also offering options, these sites are also attractive to investors.”
Leases for distribution centers include a 91,761-square-foot facility in Ontario, CA, a 75,050-square-foot building in Grand Prairie, TX, and a 30,122-square-foot site in Lithia Springs, GA. A pair of 32,200-square-foot offices in Jacksonville, FL, are available as well.
“These distribution centers and offices provide strong opportunities for companies of all types to pick up leases for well-located properties at low rents,” Mike Matlat, senior managing director of A&G, said.
Stein Mart and its subsidiaries filed voluntary petitions on Aug. 12 for relief under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the Middle District of Florida – Jacksonville Division. Liquidation sales are currently underway at all locations.
