A&G Realty Partners has been retained to sell 230 owned and leased assets of The Bon-Ton Stores, on behalf of a joint venture group, including Great American Group, LLC, Tiger Capital Group and Bon-Ton’s Second Lien Noteholders.
Last month, the joint venture acquired the assets from the retailer through a bid submitted to the US Bankruptcy Court for the District of Delaware.
The 230 assets under the sale process include 22 fee-owned properties, seven ground leases and 194 leased locations.
Retail locations covered in the deal include 157 department stores at regional malls, 39 stores in open-air shopping centres, 16 freestanding stores, nine furniture galleries and two clearance stores.
A&G Realty Partners co-president Andy Graiser said: “These stores are located in well-performing regional markets. The availability of these locations creates a wide range of possibilities for expanding retail chains, as well as developers across the entire real estate spectrum.
“Opportunities range from traffic-driving stores, food halls and entertainment venues, to healthcare, residential, education and other non-retail uses.”
In addition, other properties offered for sale include four distribution centres, five office spaces and one e-commerce fulfilment centre.
A&G Chicago principal Michael Jerbich said: “These centrally located facilities are ideal for expanding or relocating companies in the rapidly growing US distribution sector.”
“Given the robust national demand for best-in-class e-commerce fulfilment centres, this facility has already generated tremendous interest from several national brands and retailers.”
Bon-Ton Stores filed for Chapter 11 bankruptcy protection on 4 February. It operates department stores under various brands, including Boston Store, Bergner’s, Carson’s, Elder-Beerman, Herberger’s, and Younkers in 23 US states.