A&G Real Estate Partners, working on behalf of Neiman Marcus Group in the retailer’s bankruptcy proceedings, is marketing four U.S. 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, says Emilio Amendola, co-president of the real estate advisory service firm.
“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 says.
The leases are for the following Neiman Marcus stores:
1275 Broadway Plaza, Walnut Creek, Calif.
Building: 87,608 sq. ft.
Term: Expires March 31, 2032 (options available through March 31, 2112).
Mazza Gallerie, 5300 Wisconsin Ave. NW., Washington, D.C.
Building: 126,296 sq. ft.
Term: Expires November 30, 2027 (options available through May 31, 2051)
151 Worth Ave., Palm Beach, Fla.
Building: 48,661 sq. ft.
Term: Expires May 31, 2026 (options available through May 31, 2051)
This Walnut Creek location is among the properties available for lease. PHOTO: CHARLIE MAYER
Shops at Bravern, 11111 NE 8th St., Bellevue, Wash.
Building: 124,637 total sq. ft.
Term: Expires January 1, 2040 (options available through January 31, 2030)
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.