A&G Real Estate Partners has begun marketing 137 Modell’s Sporting Goods store leases in nine northeastern and mid-Atlantic states and the District of Columbia. The leases are being made available due to the 111-year-old retailer’s voluntary Chapter 11 bankruptcy filing and liquidation.
Full information on the leases is now available at agrep.com. An auction date and deadline for bids will be announced at a later date.
“This iconic brand had an extraordinary real estate strategy, with the family-owned business assembling one of the strongest portfolios of top retail locations in New York City’s five boroughs—an area with significant barriers to entry,” says A&G Co-President Emilio Amendola. “Similarly, the vast majority of Modell’s sites on Long Island and in New Jersey, Pennsylvania, New England and the Mid-Atlantic are ‘A’ locations with very advantageous rent structures. Opportunities like this come around once every 10 years.”
The available stores average 17,500 sq. ft. and range in size from 6,800 to 32,700 sq. ft. “In addition to favorable rents, many of the leases offer multiple renewal options,” he adds.
“With locations in prime highway retail centers, busy central business districts, and regional malls, the Modell’s sites offer tremendous opportunities for specialty retailers, restaurants, medical tenants, and other uses,” Amendola notes. “Given the quality of this real estate, we anticipate a robust response.”
“We have partnered with A&G in the past on both the sale and re-negotiation of leases, and they have delivered phenomenal results,” says Mitchell Modell, CEO of Modell’s Sporting Goods.
Bob Duffy, managing partner of BRG and chief restructuring officer of Modell’s Sporting Goods, adds: “A&G has always delivered maximum returns to the creditors in these unfortunate circumstances. We are confident they will do that in this case as well.”