A&G Real Estate Partners completed bankruptcy court-approved sales of Stage Stores, a Texas distribution center and two other properties. A&G has been serving as real estate advisor for the Houston retailer, which liquidated all its stores after filing for Chapter 11.
Bradenton, FL-based Bealls Inc. acquired the fee interest for Stage’s 435,196-square-foot distribution center in Jacksonville, FL, which sits on a 42.51-acre parcel that includes undeveloped land for expansion. The facility was built in 1985 and has undergone multiple rounds of modernization to accommodate brick-and-mortar and e-commerce fulfillment.
Apart from the real estate, Bealls’ $7 million bid included the facility’s machinery and equipment, as well as the company’s intellectual property.
A&G also sold two other sites owned by Stage Stores: an income producing industrial return to vendor center in Jacksonville, and a retail site in Logan, WV. Both were acquired by Jetall Companies, a real estate investment and management firm out of Houston. Located on 6.45 acres, the 125,232-square-foot RTV center is currently partially occupied by a single tenant. The 24,332-square-foot retail property is a single-level former Peebles store on Stratton Street in downtown Logan.
“Jetall purchased the two properties for a combined $360,000, which was $100,000 higher than the other bids presented to the court,” Mike Matlat, senior managing director at A&G, said.
A&G put the three properties up for bid in early August.
“We ran an accelerated sales process that delivered winning bids which were accepted by the court without any objections from the creditors,” Matlat said. “Overall, we were especially pleased to see the Jacksonville distribution center transition on a turnkey basis to an expansion-minded retailer that will utilize this state-of-the-art facility to support its growth.”
The intellectual property acquired by Bealls from the court includes the trademarks and trade names for Stage Stores, Goody’s, Gordmans, Palais Royal and Peebles, as well as the national rights for the Bealls name. In addition, Bealls acquired all of Stage’s private label brands and customer lists.
“We are very excited about this transaction for many reasons. The distribution center will allow us to gain additional merchandise processing capacity to support our expansion efforts. This is our first owned logistics facility located outside of the state of Florida. With our Burke’s Outlet chain expanding throughout the U.S., it is important that we shore up our foundation to support this growth.” Matt Beall, CEO and executive chairman of Bealls, said. “We are also excited to now own the national rights to the Bealls name. While Beall’s Inc. had rights to use the name Beall’s in Florida, Georgia and Arizona, Stage had previously owned the rights to use the name nationally. We believe that this will reduce confusion and create opportunities for us as we look to further grow our store and e-commerce presence.”