A&G Sets April 28 Auction Date for Nine Additional Party City Store Leases

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Apr 20, 2023, 08:37 ET

Party City leases acquired by Michaels and Five Below at April 14 auction

NEW YORK, April 20, 2023 /PRNewswire/ -- A&G Real Estate Partners, real estate advisor to Party City Holdco Inc. in its expedited financial restructuring, today announced plans to offer nine additional Party City leases in a Friday, April 28 auction, for which bid procedures were recently approved by the U.S. Bankruptcy Court for the Southern District of Texas. The bid deadline is Monday, April 24.

A&G Sets April 28 Auction Date for Nine Additional Party City Store Leases

New York-based A&G also announced the results of the April 14 auction conducted by A&G at which national retailers Michaels and Five Below together acquired five Party City leases. Michaels acquired four leases—in Corpus Christi and Dallas, Texas; Alexandria, Louisiana; and Irondequoit, New York—and Five Below acquired a lease in Alameda, California. The auction results are pending Bankruptcy Court approval.

A&G remains engaged with landlords to support PCHI's real estate optimization strategy.

The latest round of leases, made available after terms were not reached with the respective landlords, includes nine additional locations in:

California (Marina, Palmdale, Lodi)
Indiana (Noblesville)
New York (Bronx, Staten Island)
Ohio (Lancaster)
Oklahoma (Midwest City)
Michigan (Walker)

The newly available locations range in size from 10,000 to 21,000 square feet. Some are freestanding, while others are in power centers, strips, or city street locations. Potential users include gyms, dollar stores, local retail operators, furniture users, local specialty retailers, and non-retail users such as medical office clinics.

For additional details, including bid procedures as well as remaining lease terms for individual locations, contact A&G Senior Managing Director Mike Matlat, (631) 465-9508, [email protected], or A&G Managing Director Alexandra Graiser, (631) 465-9514, [email protected].

The full store list is available here:
https://www.agrep.com/index.php/party-city

Media Contacts: At Jaffe Communications, Elisa Krantz, (908) 789-0700, [email protected]

SOURCE A&G Real Estate Partners