Two-day auction will take place later this month
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A major auction of commercial real estate will take place later this month to sell-off 123 owned and ground-leased properties from Toys “R” Us and Babies “R” Us.
The two-day sale on August 13-14 will auction the properties which range from 20,000 to 65,000 square feet across 28 states. 112 are owned while 11 are ground-leased.
Advisory and real estate brokerage A&G Realty is running the auction on behalf of Toys “R” Us creditors having already sold more than 130 of its stores.
"This latest auction presents a rare opportunity for buyers to advance their real estate strategies with well located, high-visibility big-box sites that can work for single-users or be subdivided," said Emilio Amendola, Co-President of A&G Realty.
The bankrupt firm’s creditors will be hoping that the real estate assets will far exceed a certain threshold for qualifying bids by the August 7th deadline.
The auction will be held at the Manhattan offices of law firm Kirkland & Ellis. Lazard is acting as investment banker to Toys "R" Us and its affiliated debtors.
"Rarely do these many prime retail properties become available all at once. As with our prior, well-attended auctions for Toys "R" Us sites, we anticipate a robust response to this group of properties."
