A&G Real Estate Partners, the real estate advisor to Party City Holdco Inc., announced plans to auction 695 Party City store leases as the celebrations retailer begins to wind down its operations.
Party City announced last month that it was going out of business, with store closings scheduled for Feb. 28. The retailer declared bankruptcy in January 2023 and was able to cancel nearly $1 billion in debt by going bankrupt. However, it still carried more than $800 million in debt.
Going-out-of-business sales are now underway at the soon-to-be-closed retail locations, which range from approximately 7,000 to 46,000 square feet. The bid deadline and auction likely will be in early February at the New York City office of the law firm Paul, Weiss, Rifkind, Wharton & Garrison LLP.
“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 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.”
“You’ve got a number of strong candidates for this real estate,” added Mike Matlat, A&G senior managing director. “The list includes gyms and entertainment tenants, dollar stores, local specialty retailers, furniture stores, and medical office clinics.”
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