COLUMBUS, Ohio — A&G Real Estate Partners is accepting bids on 255 Big Lots store leases in 41 states. The availability of the leases is part of the Columbus, Ohio-based discounter’s restructuring and sale process.
A&G is offering the leases in two groups, pending determination by the court of final bid deadlines in November and December. On Sept. 9, Big Lots filed for Chapter 11 protection, citing estimated assets of $1,000,000,001 to $10 billion against estimated liabilities of $1,000,000,001 to $10 billion to an estimated 5,001 to 10,000 creditors.
That same day, it announced a sales agreement with affiliates of Nexus Capital Management, subject to higher and better bids, as part of a court-supervised auction process. Nexus, designated as the stalking horse bidder for the auction, agreed to acquire the company’s assets and ongoing business operations. The agreed-to purchase price consists of $2.5 million in cash plus the debt payoff amount and the assumption of certain liabilities.
Most recently, it was revealed in court that Nexus had secured $765 million to finance the deal.
“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, A&G co-president. “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 Emilio Amendola, A&G co-president.
The 255 leases, which range in size from 16,321 to 54,610 square feet, are located in the following 41 states: 46 in Texas; 21 in California; 12 in Florida, New Jersey and Ohio; 11 in Indiana; 10 in Nevada and New York; eight in Georgia; seven in Michigan and Pennsylvania; six in Arizona, Illinois, Maryland, Missouri, Oklahoma and Tennessee; five in Louisiana and Virginia; four in Alabama, Massachusetts, North Carolina and Washington; three in Arkansas, Idaho, Iowa, New Mexico and Wisconsin; two in Colorado, Connecticut, Kansas, Kentucky, Nebraska, New Hampshire, Oregon, South Carolina and Utah; and a single store in Delaware, Maine, Mississippi and West Virginia.
For additional details, visit https://agrep.com/index.php/biglots and/or contact Mike Matlat, (631) 465-9508, [email protected], or Todd Eyler, (914) 325-1602, [email protected].