A&G to Auction 19 Remaining Michigan Party City Stores in February
Posted By: DBUSINESS on January 6, 2024. For more information, please click here to read the source article.
The 19 remaining Michigan Party City stores are set to be auctioned off in early February by A&G Real Estate Partners in New York, real estate advisor to New Jersey’s Party City Holdco Inc. (PCHI), which owns Party City. The 19 Michigan stores — and one in Windsor, Ontario, Canada — are part of a 695-location sell off.
Going-out-of-business sales now are underway at those retail locations.
The area stores being sold include two in Sterling Heights, and one each in Rochester Hills, Madison Heights, Southfield, Orion Township, Farmington Hills, Troy, Roseville, Livonia, Novi, Westland, Allen Park, Taylor, Highland Park, Ann Arbor, St. Clair Shores, Brighton, Flint, and in Windsor.
“This is a large and diverse store portfolio, with good real estate and a great many stores located in high-traffic shopping centers,” says Emilio Amendola, co-president of A&G and leader of the company’s real estate sales division. “This auction represents an extraordinary opportunity for expanding operators in what marks the end of an era in the retail industry.”
Andy Graiser, the other co-President of A&G, says, “This offers operators the chance to open in turnkey spaces that are ready for immediate occupancy with favorable lease terms in both suburban and urban retail markets.”
With box sizes that range from approximately 7,000 to 46,000 square feet, the stores are a fit for a wide array of potential users, says A&G.
“You’ve got a number of strong candidates for this real estate,” says Mike Matlat, senior managing director of A&G. “The list includes gyms and entertainment tenants, dollar stores, local specialty retailers, furniture stores, and medical office clinics.”
The leases are for freestanding stores as well as those located in power centers, strips, and city street locations. No fee-owned properties are available in the auction.
The auction will take place at the Manhattan office of PCHI legal counsel Paul, Weiss, Rifkind, Wharton & Garrison, located at 1285 Avenue of the Americas.
PCHI and certain of its subsidiaries voluntarily filed Chapter 11 in the U.S. Bankruptcy Court for the Southern District of Texas on Dec. 21, 2024. The company cited “an immensely challenging environment driven by inflationary pressures on costs and consumer spending, among other factors.”
PCHI is retaining more than 95 percent of its 12,000 employees for some time to assist with the wind down process. During the going out of business sales, shoppers at Party City stores will be able to take advantage of deals and deep discounts on merchandise while supplies last.
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