A&G Real Estate Partners, the real estate advisor for Party City Holdco Inc. (PCHI), is preparing to auction off 695 leases for Party City stores as the retailer begins to close down operations after nearly four decades in business. The going-out-of-business sales have already started at these locations, following PCHI’s Chapter 11 filing on December 21.
The bidding deadline and auction are expected to take place in early February at the Manhattan office of PCHI’s legal counsel, Paul, Weiss, Rifkind, Wharton & Garrison LLP located at 1285 Ave. of the Americas.
According to Emilio Amendola, co-president of A&G and leader of their New York-based real estate sales division: “This is a significant portfolio with a variety of store types and prime locations in high-traffic shopping centers.” He also stated that this auction presents an exceptional opportunity for expanding businesses as it marks the end of an era in retail.
These leases cover stores across 44 states with a concentration in California,Texas,and New York.They include both standalone buildings and those situated within power centers,malls,and city streets.There are no fee-owned properties available through this auction.
