A total of 123 Toys “R” Us and Babies “R” Us owned and ground-leased properties nationwide will be auctioned off this month, announced the company conducting the auction, advisory and real estate firm A&G Realty Partners.
The properties, located across 29 states, will be auctioned on August 13th and 14th in Manhattan, provided that qualified bids exceed a certain threshold on August 7th. A&G Realty Partners is conducting the auction and Lazard is acting as investment banker to Toys “R” Us and its affiliated debtors. The deadline for all bids is August 7th.
The stores range in size from 20,000 to 65,000 s/f, with 10 locations in California, 18 in Ohio, and multiple stores in states like Illinois, Massachusetts and Pennsylvania.
The two-day auction will begin at 10 a.m. on August 13th at the Manhattan offices of the debtors’ counsel, Kirkland & Ellis LLP. The properties include Toys “R” Us and Babies “R” Us locations, as well as side-by-side or combined stores featuring both brands. A&G Realty previously sold more than 130 Toys “R” Us sites in prior auctions.
“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, in a press release. “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.”
The children’s toy store filed for Chapter 11 bankruptcy in September of last year, and announced it would be closing all its stores in March of this year.