Princeton Ski Shop's Leases To Be Auctioned

Christopher Mahoney, director of locally based Keen Consultants, the real estate division of KPMG Corporate Finance LLC, says the auction date for the four retail locations is tentatively scheduled for April 16 with a bid deadline of April 14. The leases to be auctioned include its 20,000-sf store at 225 Allwood Rd. in Clifton, NJ, whose lease expires on April 30, 2009; its 14,000-sf store at 380 Saw Mill River Rd. in Elmsford, NY, whose lease expires on Aug. 31, 2009; its 17,000-sf store at 13-21 E. 22nd St. in New York City, whose lease term ends on Sept. 20, 2016 and its 20,547-sf location at 250 South Service Rd. in Roslyn, NY, whose lease expires on April 30, 2025. Several of the retail leases come with options to extend the terms of the lease. Also set to be auctioned is four acres of vacant land owned by the parent company of the retailer in Hunter, NY in the Catskills.

According to Keen Consultant's marketing flyer, the lease rents--triple net--range from $26.60 per sf for its Manhattan space to $12.55 per sf for its Elmsford location. Princeton Ski Shop Inc. filed for Chapter 11 bankruptcy protection in November in the US Bankruptcy Court for the District of New Jersey. On Feb. 22, the court approved an order for the immediate disposition of the ski, snowboard and outdoor sports retailer. At present, the firm is holding going out of business sales at all its locations, which will run until all inventories are sold. Gordon Brothers Group, based in Boston, is managing the going out of business sale.

"We are very excited to offer these leases and land for sale on behalf of Princeton Ski Shops," Mahoney says. "The retail leases are in prime locations and include favorable lease rates. They represent a wonderful opportunity for retailers looking for expansion opportunities." He tells GlobeSt.com that the auction date and bid deadlines are tentative and could be changed. At deadline, no location has been set for the auction.

Mahoney adds that Keen Consultants began marketing the Princeton Ski Shop lease holdings just last week and termed the initial response as "tremendous." When asked if there was a preference on whether the leases should be sold piecemeal or as a group by one buyer, he says, "Whatever gets the most value for the estate."