A&G Plans to Offer 27 Sam Ash Store Leases in 12 States Pending Bankruptcy Court Approval

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May 29, 2024, 08:33 ET

Expanding retailers gain opportunity to take high-visibility space in strong markets, shopping districts and retail centers across the United States

NEW YORK, May 29, 2024 /PRNewswire/ -- A&G Real Estate Partners today announced plans to market 27 store leases in 12 states on behalf of Sam Ash Music Corp., the century-old American music retailer, pending court approval.

"Sam Ash became a beloved institution among generations of customers," said Emilio Amendola, Co-President of New York-based A&G. "Along the way, the company took incredible real estate in high-visibility, high-traffic locations all over the country. Especially given today's high construction costs, interest rates and occupancies, these leases represent an extraordinary opportunity for expanding retailers."

A&G is offering the store leases in connection with Sam Ash's financial restructuring. The iconic music retailer, which filed for Chapter 11 bankruptcy protection on May 8, 2024 in the U.S. Bankruptcy Court for the District of New Jersey, is closing all remaining U.S. stores while entertaining offers from potential buyers. "Sam Ash has one of the best-known and most iconic brands in music retailing, with an impressive online presence," Amendola noted.

The average size of the leases on offer is 25,467 square feet. They range from a pocket store of just 6,000 square feet to a 44,000-square-foot, large-format box. Lease expirations and options vary; some stores boast 12 or 15 years of remaining term, and five-year renewal options are common across the portfolio, noted Todd Eyler, an A&G Senior Managing Director.

"In terms of store size, these locations are ideal for a broad array of U.S. retailers," Eyler said. "They're an especially great fit for today's fast-expanding fitness and workout-recovery franchises, family entertainment concepts, and traffic-driving, discount 'treasure hunt' retailers. We anticipate robust interest in these leases."

With multiple Sam Ash locations in some cities, the 27 stores are in:

Arizona (Phoenix)
California (Ontario, San Diego, Torrance, Westminster)
Florida (Margate, Miami, Orlando, Sarasota, Tampa)
Indiana (Indianapolis)
Nevada (Las Vegas)
New Jersey (Cherry Hill, Springfield)
New York (Brooklyn, Carle Place, White Plains)
North Carolina (Charlotte, Raleigh)
Ohio (Lyndhurst)
Tennessee (Madison)
Texas (Dallas, Houston, San Antonio)
Virginia (Richmond)

Immigrant violinist Sam Ash and his wife Rose launched the first store in Brooklyn in 1924. Their sons, Jerry Ash and Paul Ash, veterans of WWII and Korea, respectively, began the growth of the business that continued over subsequent generations. Over the decades, the company grew and evolved with American and music-industry history, including the Great Depression, World War II, the rise of Rock n' Roll and Hip Hop, the Great Financial Crisis and the shift into the Internet age. Along the way, Sam Ash earned a national reputation for high-touch service and its customer-friendly "Come and Play®" ethos. Four generations of the family, most recently Sam and Rose's great-grandchildren, have played an active role in the iconic business.

The full store list is available at https://www.samash.com/store-locator.

For bid deadlines and additional details, visit https://www.agrep.com/rite-aid and/or contact Mike Matlat, (631) 465-9508, [email protected], or Todd Eyler, (914) 325-1602, [email protected].

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

SOURCE A&G Real Estate Partners