Calkain Institutional Advisors is marketing the portfolio for a "large institutional owner" based here, Jonathan Hipp, Calkain's president, says, without naming the firm his company is representing. The Reston, VA-based firm will launch the offering next week.
Hipp says he expects his firm to sell the stores in one transaction since his client holds the master lease to all 11. Havertys will continue to operate the stores. "We think it will capture a lot of attention." Institutional investors with a high net worth will be the most likely candidates interested in the deal, he adds.
Atlanta-based Havertys operates 118 stores in 16 Southern and Midwestern states. In August the retailer's sales increased 4.2%, to $68.4 million. Year-over-year same-store sales inched up 0.4% during the month.
During Hurricane Katrina, Havertys closed eight stores in affected Gulf Coast areas. All of those stores have since opened, says a company spokeswoman.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
