Bids Now Being Accepted on 255 Big Lots Store Leases
A&G Real Estate Partners is currently accepting bids on 255 Big Lots Inc. store leases across the country as part of the company’s restructuring and sale process. This includes 51 new-to-market leases.
A&G is offering the leases in two groups, pending determination by the court of final bid deadlines in November and December. Big Lots initiated voluntary Chapter 11 proceedings on Sept. 9 of this year to facilitate a sale of substantially all of its assets and business operations.
“As the company proceeds to facilitate the sale transaction, it will continue to assess its real estate portfolio, closing additional stores as needed to achieve its goals,” said Andy Graiser, co-president of Melville, N.Y.-based A&G. “This process of portfolio optimization is creating strong opportunities for retailers and landlords across the country. The availability of additional leases may be announced at a later date upon court approval.”
“Because of their larger formats, many of these desirable, strategically positioned locations are a strong fit for today’s expanding operators, including sports-entertainment tenants and larger food-and-beverage concepts that emphasize gaming areas and hangout spaces,” added A&G Co-President Emilio Amendola.
The 255 lease properties, which vary in size from 54,610 to 16,321 square feet, are located in the following 41 states: Alabama (four), Arizona (six), Arkansas (three), California (21), Colorado (two), Connecticut (two), Delaware (one), Florida (12), Georgia (eight), Idaho (three), Illinois (six), Indiana (11), Iowa (three), Kansas (two), Kentucky (two), Louisiana (five), Maine (one), Maryland (six), Massachusetts (four), Michigan (seven), Mississippi (one), Missouri (six), Nebraska (two), Nevada (10), New Hampshire (two), New Jersey (12), New Mexico (three), New York (10), North Carolina (four), Ohio (12), Oklahoma (six), Oregon (two), Pennsylvania (seven), South Carolina (two), Tennessee (six), Texas (46), Utah (two), Virginia (five), Washington (four), West Virginia (one), and Wisconsin (three).
Earlier this month, Harrisburg, Pa.-based Ollie’s Bargain Outlet Holdings Inc. revealed itself as the winning bidder in a bankruptcy sale process to acquire seven former Big Lots store leases. The seven stores were part of the first wave of Big Lots store closures, which consisted of 143 stores.
Columbus, Ohio-based Big Lots Inc. operates more than 1,000 stores in 48 states, as well as an e-commerce platform with expanded fulfillment and delivery capabilities. The company is No. 59 on The PG 100, Progressive Grocer’s 2024 list of the top food and consumables retailers in North America.
