Newmark recently announced that Excess Space Retail Services, Inc., a subsidiary of Newmark Company, will be responsible for managing Party City Holdco Inc.’s site selection and lease renewal programs. As a leading supplier of celebrations and party goods with over 750 locations across 45 states, PCHI aims to optimize its nationwide portfolio. Leveraging their expertise in tenant representation, ExcessSpace will strategically select retail locations and negotiate favorable lease terms for Party City.
According to Michael Wiener, president of ExcessSpace: “We are excited to utilize our extensive experience in effective tenant representation to ensure that Party City has well-positioned retail locations with favorable lease terms.” The company is confident in their ability to lead these programs and continue delivering results for this iconic brand.
PCHI has enlisted the help of ExcessSpace as they seek to enhance their portfolio consisting of over 750 locations spanning across 45 states nationwide. Recent restructuring efforts have strengthened the company’s financial position through securing a $562 million asset-based lending facility and receiving a $75 million investment towards ongoing operations and distributions.
The article titled “Party City Taps ExcessSpace for Site Selection, Lease Renewal” was originally published on Connect CRE but has since been removed from the platform.
