A&G Real Estate Partners, in its capacity as real estate advisor to Party City Holdco, is planning to offer 25 Party City leases in a court-approved auction.
The U.S. Bankruptcy Court for the Southern District of Texas recently approved bid procedures governing the auction, which will be held on or about April 14 as part of Party City’s expedited financial restructuring. The bid deadline is April 10.
The latest round of leases, made available after terms were not reached with landlords, includes eight additional locations in:
- California (Alameda, El Centro, Redding)
- Indiana (Kokomo)
- Louisiana (Alexandria)
- Oklahoma (Oklahoma City)
- Tennessee (Bristol)
- Texas (Dallas)
The 25 available locations range in size from 7,500 to 28,000 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.
New York-based A&G is continuing to engage with landlords to support Party City’s real estate optimization strategy.
“The company is working closely with us to maximize the performance of every location in its store portfolio with a view toward achieving financial metrics that will best support the go-forward fleet,” Andy Graiser, co-president of A&G, said. “As PCHI optimizes its portfolio, there are tremendous opportunities being created for other retailers to gain entry to well-located stores, often with great co-tenants, in retail marketplaces across the country.”
The leases still available from previously announced tranches are located in:
- Georgia (Rome)
- Illinois (Bradley)
- Iowa (Waterloo)
- Louisiana (Slidell)
- Michigan (Benton Harbor, Holland, Jackson)
- Missouri (St. Joseph)
- New York (Buffalo, Bronx, Harlem, Irondequoit, Manhattan)
- Oklahoma (Lawton)
- Texas (Corpus Christi)
- West Virginia (Beckley, Martinsburg)