A&G retained to sell 89 stores and warehouses across 16 states
A&G Real Estate Partners is marketing stores and warehouses across the United States on behalf of the successful stalking-horse bidder for home furnishings retailer American Signature, Inc. (ASI), parent of Value City Furniture and American Signature Furniture.
On Feb. 6, the U.S. Bankruptcy Court for the District of Delaware approved the liquidation plan, including certain lease-designation rights, of stalking-horse bidder ASI Purchaser LLC.
A&G is continuing to market 89 leased and fee-owned retail stores and warehouse distribution centers (DCs) across 15 states: Delaware, Florida, Georgia, Illinois, Indiana, Kentucky, Maryland, Michigan, Missouri, North Carolina, New York, Ohio, Pennsylvania, South Carolina, Virginia and West Virginia.
Offers are being entertained now for four fee-owned properties: two retail stores in Orlando, Florida, and two DCs, one in Thomasville, Georgia, the other in La Porte, Indiana; the rest of the locations are leased.
ASI Purchaser LLC is already accepting offers for private sales. “They will be strongly considered as part of this process,” said Emilio Amendola, Co-President of A&G and leader of its real estate sales division. “The retail boxes on offer are a strong expansion opportunity for healthy operators, as well as for landlords who want to creatively repurpose large-format spaces.”
The 85 home-furnishings stores range from 24,634 to 91,336 square feet, suitable for furniture operators, off-price retailers, discount department stores, specialty grocers, sporting goods brands and entertainment tenants, among others.
ASI’s six leased and fee-owned delivery centers in Georgia, Illinois, Indiana, Maryland and Ohio range from 55,817 to 604,800 square feet. “Across the country, the high cost of warehouse construction is a major barrier to operators like supermarket chains or omnichannel retailers that want to break into new parts of the country,” said A&G Senior Managing Director Mike Matlat. “Purchasing a warehouse lease or fee-owned property can be a cost-effective way to overcome that barrier to entry.”
New York-based A&G, a national real estate advisory firm specializing in lease-optimization and real estate sales, is entertaining offers for two groupings of leased locations, with bid deadlines in February and March to be announced.
