(MENAFN- PR Newswire) MELVILLE, N.Y., Oct. 21, 2020 /PRNewswire/ -- A & G Real Estate Partners today announced that it has completed bankruptcy court-approved sales of Stage Stores, Inc.'s Jacksonville, Texas distribution center and two other properties to two buyers. The Melville, N.Y.-based A & G has been serving as real estate advisor for the Houston-headquartered retailer, which operated 738 conventional department stores and off-price stores under multiple brands at the time it filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code in May 2020. The company has since liquidated all stores.
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In the largest of the transactions, Bealls Inc. acquired the fee interest for Stage's 435,196-square-foot distribution center in Jacksonville, Texas, which sits on a 42.51-acre parcel that includes undeveloped land for expansion.
In the largest transaction, Bradenton, Fla.-based Bealls Inc . acquired the fee interest for Stage's 435,196-square-foot distribution center in Jacksonville, which sits on a 42.51-acre parcel that includes undeveloped land for expansion. The facility was built in 1985 and has undergone multiple rounds of modernization to accommodate brick-and-mortar and e-commerce fulfillment.
Apart from the real estate, Bealls' winning $7.0 million bid included the facility's machinery and equipment, and the company's intellectual property.
A & G also sold two other sites owned by Stage Stores: an income producing industrial RTV (return to vendor ) center in Jacksonville and a retail site in Logan, West Virginia. Both were acquired by Jetall Companies, Inc., a real estate investment and management firm out of Houston. Located on 6.45 acres, the 125,232-square-foot RTV center is currently partially occupied by a single tenant. The 24,332-square-foot retail property is a single-level former Peebles store on Stratton Street in downtown Logan.
"Jetall purchased the two properties for a combined $360,000, which was $100,000 higher than the other bids presented to the court," said Mike Matlat, Senior Managing Director at A & G.
A & G put the three properties up for bid in early August. "We ran an accelerated sales process that delivered winning bids which were accepted by the court without any objections from the creditors," noted Matlat. " Overall, we were especially pleased to see the Jacksonville distribution center transition on a turnkey basis to an expansion-minded retailer that will utilize this state-of-the-art facility to support its growth."
The family-owned Bealls Inc. currently operates more than 540 stores in 17 states under the Bealls, Bealls Outlet, Burkes Outlet, Home Centric and Bunulu names, and online at beallsflorida.com and burkesoutlet.com.
The intellectual property acquired by Bealls Inc. from the court includes the trademarks and trade names for Stage Stores, Goody's, Gordmans, Palais Royal, and Peebles, as well as the national rights for the Bealls name. In addition, Bealls acquired all of Stage's private label brands and customer lists.
Commenting on their acquisition, Matt Beall, CEO and Executive Chairman of Bealls Inc., said: "We are very excited about this transaction for many reasons. The distribution center will allow us to gain additional merchandise processing capacity to support our expansion efforts. This is our first owned logistics facility located outside of the state of Florida. With our Burke's Outlet chain expanding throughout the U.S., it is important that we shore up our foundation to support this growth."
"We are also excited to now own the national rights to the Bealls name," he continued. "While Beall's Inc. had rights to use the name Beall's in Florida, Georgia and Arizona, Stage had previously owned the rights to use the name nationally. We believe that this will reduce confusion and create opportunities for us as we look to further grow our store and e-commerce presence."
About A & G Real Estate Partners A & G is a team of seasoned commercial real estate professionals and subject matter experts that delivers strategies designed to yield the highest possible value for clients' real estate. Key areas of expertise include occupancy cost reductions, lease terminations, dispositions, structured real estate sales, real estate due diligence, valuations, acquisitions, and facilitation of growth opportunities. Utilizing its marketing knowledge, reputation and advanced technology, A & G has advised the nation's most prominent retailers and corporations in both healthy and distressed situations. The firm's team has achieved rent-reduction and occupancy-cost savings approaching $6 billion on behalf of clients in every real estate sector, while selling more than $12 billion of non-core properties and leases. Founded in 2012, A & G is headquartered in Melville, N.Y. and also has an office in Chicago. For more information, please visit: [To enable links contact MENAFN] /
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SOURCE A & G Real Estate Partners
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