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&G Real Estate Partners is soliciting bids on 255 Big Lots store leases across 41 states as part of the retailer's restructuring process. The leases, which span from 16,321 to 54,610 square feet, will be offered in two groups pending court approval of final bid deadlines in November and December.
Big Lots filed for Chapter 11 protection on September 9, citing estimated assets and liabilities of $1-10 billion each, with an estimated 5,001 to 10,000 creditors. The company has a sales agreement with Nexus Capital Management, which will acquire Big Lots' assets and ongoing operations in exchange for $2.5 million in cash plus debt payoff and assumed liabilities.
Nexus has secured $765 million in financing for the deal. As part of the sale process, Big Lots will continue to assess its real estate portfolio and close additional stores as needed. A&G co-presidents Andy Graiser and Emilio Amendola note that many of the leases are desirable due to their larger formats and strategic locations.
The 41 states with available leases include Texas (46), California (21), Florida, New Jersey, and Ohio (12 each), among others. For more information, visit A&G's website or contact Mike Matlat at (631) 465-9508 or Todd Eyler at (914) 325-1602.
The available leases offer opportunities for retailers and landlords across the country. As Graiser notes, "This process of portfolio-optimization is creating strong opportunities for retailers and landlords." Amendola adds that larger formats make these locations a good fit for expanding operators with gaming areas and hangout spaces.
