Replacements could include retail, office, hotel or residential users, firm says; bids due immediately in disposition conducted on behalf of Neiman Marcus Group.
MELVILLE, N.Y., July 14, 2020 /PRNewswire/ -- A&G Real Estate Partners, working on behalf of Neiman Marcus Group in the retailer's bankruptcy proceedings, is marketing four luxury department store leases in California, Washington, Florida and Washington, D.C.
Offering long-term, multiple-option leases, the buildings are situated in prime, high-visibility retail districts or shopping centers, said Emilio Amendola, Co-President of Melville-based A&G, which provides real estate advisory services to many of the nation's most prominent retailers and corporations in both healthy and distressed situations.
"Real estate is a long-term play. These leases represent an incredible opportunity for retailers and investors to gain a foothold in markets that, under normal conditions, are renowned for their traffic and sales—as well as for their high barriers to entry," Amendola said. "Additionally, some of these locations are particularly promising for conversion to hotel, office or residential use."
The leases are for the following Neiman Marcus stores:
1275 Broadway Plaza, Walnut Creek, California
Building: 87,608 square feet
Term: Expires March 31, 2032 (options available through March 31, 2112).
Mazza Gallerie, 5300 Wisconsin Ave. NW., Washington D.C.
Building: 126,296 square feet
Term: Expires November 30, 2027 (options available through May 31, 2051)
151 Worth Ave., Palm Beach, Florida
Building: 48,661 square feet
Term: Expires May 31, 2026 (options available through May 31, 2051)
Shops at Bravern, 11111 NE 8th St., Bellevue, Washington
Building: 124,637 total square feet
Term: Expires January 1, 2040 (options available through January 31, 2090)
Dallas-based Neiman Marcus Group this past May announced that it had commenced voluntary Chapter 11 proceedings in the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division. As part of the process, Neiman Marcus Group has secured debtor-in-possession financing of $675 million from creditors to enable business continuity throughout the proceedings. The luxury, multi-branded, omni-channel fashion retailer operates under the Neiman Marcus, Bergdorf Goodman, Neiman Marcus Last Call, and Horchow brand names.
About A&G Real Estate Partners
A&G is a team of seasoned commercial real estate professionals and subject matter experts that delivers strategies designed to yield the highest possible value for clients' real estate. Key areas of expertise include real estate due diligence, valuations, dispositions, lease restructurings, acquisitions, structured investment sales, and facilitation of growth opportunities. Utilizing its marketing knowledge, reputation and advanced technology, A&G has advised the nation's most prominent retailers and corporations in both healthy and distressed situations. Founded in 2012, A&G is headquartered in Melville, N.Y., with offices throughout the country. For more information, please visit: http://www.agrep.com/
SOURCE A&G Real Estate Partners