By Joshua Burd
Four New Jersey stores will be among more than 80 shuttered Toys R Us and Babies R Us locations that will be auctioned in late September as part of the retailer’s ongoing bankruptcy proceedings.
Conducted by A&G Realty Partners and Raider Hill Advisors, the auction will take place Sept. 27 in Midtown Manhattan. The four New Jersey stores include:
- Babies R Us at 100 Promenade Blvd. in Bridgewater
- A combined Toys and Babies R Us location at 500 Rt. 38 in Cherry Hill
- Toys R Us at Hazlet Plaza, 3035 Route 35 North in Hazlet
- Toys R Us at 364 Route 17 North @ Ridgewood Avenue in Paramus
Overall, the auction will include 52 ground-leased properties, 29 building leases and one parking lot lease, according to a news release. The sale will begin at 10 a.m. Sept. 27 at the offices of Kirkland & Ellis LLP, located at 601 Lexington Ave. in Manhattan, and is contingent on receipt of a sufficient number of qualified bids by the Sept. 20 bid deadline.
“The opportunities here are diverse and include both freestanding and shopping center locations,” said Todd Eyler, a managing director at A&G. “These are well-located, high-visibility big-box sites that can work for single-users or be subdivided, which is precisely the type of flexibility required for the kinds of adaptive strategies that are pulling ahead in today’s real estate marketplace.”
Toys R Us announced earlier this year that it would liquidate more than 700 stores nationwide, as it succumbed to a decline fueled by competition from e-commerce and its crushing debt burden. Based in Wayne, the iconic retailer had dozens of stores in its home state, including standalone Toys R Us and Babies R Us locations as well as some combined stores.
A&G has already led five other auctions for Toys R Us sites, including one last week that offered up more than 120 assets, the firm said. The retailer’s portfolio includes former stores, distribution centers, its corporate headquarters and surplus properties.
A full store list and information about submitting bids can found here.
