A&G Real Estate Partners, real estate advisor to Party City Holdco (PCHI), in its expedited financial restructuring, plans to offer nine additional Party City leases in an auction on April 28 for which bid procedures were approved by the U.S. Bankruptcy Court for the Southern District of Texas. The bid deadline is April 24.
New York-based A&G also released the results of the April 14 auction it conducted at which national retailers Michaels and Five Below together acquired five Party City leases. Michaels acquired four leases and Five Below acquired one lease. The auction results are pending bankruptcy court approval.
A&G remains engaged with landlords to support PCHI’s real estate optimization strategy.
The latest round of leases, made available after terms were not reached with the respective landlords, includes nine additional locations in:
- California (Marina, Palmdale, Lodi)
- Indiana (Noblesville)
- New York (Bronx, Staten Island)
- Ohio (Lancaster)
- Oklahoma (Midwest City)
- Michigan (Walker)
The newly available locations range in size from 10,000 to 21,000 square feet. Some are freestanding, while others are in power centers, strips or city street locations. Potential users include gyms, dollar stores, local retail operators, furniture users, local specialty retailers and non-retail users, such as medical office clinics.