The Woodcliff Lake-based party supplies retailer Party City Holdco Inc., in its expedited financial restructuring, announced plans last week to offer nine additional Party City leases in a Friday auction, for which bid procedures were recently approved by the U.S. Bankruptcy Court for the Southern District of Texas, according to its real estate adviser A&G Real Estate Partners.
New York-based A&G also announced the results of an April 14 auction that it conducted, 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 said it 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.
