Modell's Sporting Goods.Credit: Flickr.

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NEW YORK CITY- Modell's SportingGoods has 137 leases up for grabs as the retailer has just recentlyfiled for Chapter 11 bankruptcyand liquidation and hastapped A&G Real Estate Partners to begin marketingthem. The store leases are in nine Northeastern and Mid-Atlanticstates and the District of Columbia. The 111-year-old retailer hasmade its leases available online for auction at Agrep.com, forwhich a deadline has not been set and will be announced at a laterdate. 

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"This iconic brand had anextraordinary real estate strategy, with the family-owned businessassembling one of the strongest portfolios of top retail locationsin New York City's five boroughs—an area with significant barriersto entry," said A&G Co-President Emilio Amendola in a preparedstatement. "Similarly, the vast majority of Modell's sites on LongIsland and in New Jersey, Pennsylvania, New England and theMid-Atlantic are 'A' locations with very advantageous rentstructures. Opportunities like this come around once every 10years."

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The available stores average17,500 square feet and range in size from 6,800 to 32,700 squarefeet. "In addition to favorable rents, many of the leases offermultiple renewal options," he said.

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The locations are situated inhighway retail centers, central business districts and regionalmalls, offering opportunities for specialty retailers, restaurants,medical tenants and other uses, according to Amendola."Given thequality of this real estate, we anticipate a robust response," hesaid. 

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A&G and Modell's havepartnered in the past on both the sale and re-negotiation ofleases, according to Mitchell Modell, CEO of Modell's. Bob Duffy,managing partner of  BRG and chief restructuring officerof Modell's, said in a prepared statement, "A&G has alwaysdelivered maximum returns to the creditors in these unfortunatecircumstances. We are confident they will do that in this case aswell."

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Mariah Brown

Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.