Listen to this articleA&G Real Estate Partners, a commercial real estate brokerage firm specializing in property disposition, is now marketing 255 Big Lots store leases.
A&G is offering the leases in two groups, pending determination by the court of final bid deadlines in November and December, according to a company statement.
Big Lots initiated voluntary Chapter 11 proceedings on Sept. 9 to facilitate a sale of most of its assets. As part of its filing, the retail chain announced that private equity firm Nexus Capital Management is acquiring “substantially all” of its stores and business operations.
“As the company proceeds to facilitate the sale transaction, it will continue to assess its real estate portfolio, closing additional stores as needed to achieve its goals,” A&G co-president Andy Graiser said in the statement. “This process of portfolio-optimization is creating strong opportunities for retailers and landlords across the country. The availability of additional leases may be announced at a later date upon court approval.”
Currently, A&G is marketing 255 leases, which range in size from 16,321 square feet to 54,610 square feet in 41 states. On Long Island, the firm is offering the leases of three Big Lots stores, including the 43,000-square-foot store at 1851 Sunrise Highway in Bay Shore; 43,530-square-foot store at 1255 Sunrise Highway in Copiague; and the 42,800-square-foot store at 275 S. Broadway in Hicksville.
“Because of their larger formats, many of these desirable, strategically positioned locations are a strong fit for today’s expanding operators, including sports-entertainment tenants and larger food-and-beverage concepts that emphasize gaming areas and hangout spaces,” A&G co-president Emilio Amendola said in the statement.
Big Lots recently announced that it was closing more than 340 stores nationwide. That list included the Big Lots store at 260 Voice Road in Carle Place and the store at 231 Centereach Mall in Centereach, but those leases were already returned to the landlords in the bankruptcy.
Big Lots saw a net sale decrease of $114.5 million from the first quarter of 2023 to the first quarter of this year, according to public records, equating to a little more than 10 percent of its net sales. The company’s long-term debt also increased by $72.2 million from Q1 2023 to Q1 2024, adding up to a total of $573.8 million in long-term debt.