NEW YORK—Pending bankruptcy court approval, GA Keen Realty Advisors has been retained by women’s clothing retailer Coldwater Creek to market and auction 363 retail leases nationwide.
“These leaseholds represent a strategic opportunity for retailers to acquire below market leases in many of the most desirable malls, lifestyle centers, street and factory outlet locations throughout the country. A portfolio like this has not come on the market in years,” says GA Keen Realty Advisors Co-President Matthew Bordwin. “As part its bankruptcy proceeding Coldwater Creek controls the disposition process and has the ability to assign its leases to other retailers. As such, retailers should contact us immediately if they are interested in any of the available locations.”
The retail spaces range from 3,249 square feet to 15,844 square feet, averaging approximately 5,600 square feet and are at locations across the country. The leases are being marketed pursuant to bid procedures that have been filed with the bankruptcy court and remain subject to court approval, GA Keen Realty says. The bid procedures provide for a bid deadline of June 26th and an auction date of July 8th. However, offers are now being considered for both individual stores and/or packages of multiple locations, the company states in a press announcement.
Coldwater Creek, headquartered in Sandpoint ID, announced on April 11 that it had filed for Chapter 11 bankruptcy protection in order to proceed with an orderly wind-down of operations. The company’s stores and website are holding closing sales that offer significant price reductions on its merchandise.
GA Keen Realty Advisors is the real estate division of Woodland Hills, CA-based Great American Group, Inc.