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ig Lots is set to close multiple stores in the Houston metro area as part of its national restructuring under bankruptcy. Ten leases in the region will be auctioned off, including a 46,700-square-foot store in Baytown and a 22,000-square-foot location near NRG Park. The largest lease, at 4815 East Freeway in Baytown, has a base rent of $9 per square foot and is situated near a planned mixed-use development.
The Houston-area stores will be part of the "Wave 3" auction on November 7, with bid deadlines set for Tuesday. Nexus Capital Management acquired Big Lots in a $765 million bankruptcy court-approved bid, and more store closures are likely to follow. The Texas retail market has been absorbing vacancies from other bankruptcies, including Bed Bath & Beyond and Tuesday Morning.
A&G Real Estate is accepting bids on 255 Big Lots leases nationwide, with the Houston stores ranging from 16,300 to 54,600 square feet in size. The Baytown store will be part of the auction, along with a location at 8210 Kirby Drive near NRG Park. The remaining Houston-area leases will follow in December.
The Texas retail market remains strong, with a low retail vacancy rate. A&G co-president Emilio Amendola said that many of Big Lots' larger formats are a good fit for today's expanding operators, including sports-entertainment tenants and larger food-and-beverage concepts.
The Houston-area Big Lots stores slated for auction include:
* Baytown: 4815 East Freeway (46,700 square feet; base rent of $9 per square foot)
* Galveston: 5910 Broadway (26,500 square feet; $5.50 per square foot)
* Houston (northwest area): 10951 Farm to Market 1960 Road West (32,000 square feet; $3.31 per square foot)
* Houston (near NRG Park): 8210 Kirby Drive (22,000 square feet; $9.50 per square foot)
