6A — October 30 - November 12, 2020 — M id A tlantic Real Estate Journal
www.marej.com
M id A tlantic R eal E state J ournal
ELVILLE, NY — A&G Real Estate Partners announced Investor buys income-producing ind. RTV center in Jacksonville & downtown retail site inWVA A&G completes bankruptcy sale of Stage Stores’ distribution center and real estate assets M May 2020. The company has since liquidated all stores.
In the largest transaction, Bradenton, FL-based Bealls Inc. acquired the fee interest for Stage’s 435,196 s/f distri- bution center in Jacksonville, which sits on a 42.51-acre parcel that includes undevel- oped land for expansion. The facility was built in 1985 and has undergone multiple rounds of modernization to accom- modate brick-and-mortar and e-commerce fulfillment. Apart from the real estate, Bealls’ winning $7.0 million bid included the facility’s ma- chinery and equipment, and the company’s intellectual property. A&G also sold two other sites owned by Stage Stores: an income producing indus- trial RTV (return to vendor ) center in Jacksonville and a retail site in Logan, West VA. 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 s/f RTV center is currently partially occupied by a single tenant. The 24,332 s/fretail 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 proper- ties up for bid in early August. “We ran an accelerated sales process that delivered winning bids which were accepted by the court without any objec- tions 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. The intellectual property ac- quired 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. MAREJ
that it has completed bank- ruptcy court-approved sales of Stage Stores, Inc.’s Jackson- ville, Texas distribution center and two other properties to two buyers. The Melville, NY based A&G has been serving as real estate advisor for the Houston- headquartered retailer, which operated 738 conventional de- partment 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
Stage Stores’ distribution center
real estate auction
8.43 +/- Ac Development Land Auctions Nov 18 HAMILTON TOWNSHIP, NJ • 2144 East State Street 8.43+/- ac parcel located in an established industrial area directly adjacent and accessible to the Northeast Corridor Railroad. The site is accessed from E. State Street and currently has 5 curb cuts. Zoned “Industrial” allowing most distribution and manufacturing uses. Formerly used for aspirin production beginning in the 1940s and has been long vacant. Estimated to have approximately 84,000 buildable square feet. Auctions: 10am, Wednesday November 18 on site
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800.801.8003 • williams auction .com/NJ
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