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695 Party City Leases Coming Up for Auction Following Chapter 11 Filing
A&G Real Estate Partners, real estate advisor to Party City Holdco Inc. (PCHI), plans to auction 695 Party City store leases as the nearly 40-year-old retailer begins winding down operations. Going-out-of-business sales are now underway at those retail locations, following PCHI’s Chapter 11 filing Dec. 21.
The bid deadline and auction likely will be in early February. The auction will take place at the Manhattan office of PCHI legal counsel Paul, Weiss, Rifkind, Wharton & Garrison LLP, located at 1285 Ave. of the Americas.
“This is a large and diverse store portfolio, with good real estate and a great many stores located in high-traffic shopping centers,” said Emilio Amendola, co-president of A&G and leader of the New York-based company’s real estate sales division. “This auction represents an extraordinary opportunity for expanding operators in what marks the end of an era in the retail industry.”
Spanning 44 states with the largest concentrations in California, Texas and New York, the leases are for freestanding stores as well as those located in power centers, strips and city street locations. No fee-owned properties are available in the auction.
