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Big Lots store leases are being marketed for auction as part of the home goods retailer's bankruptcy.
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Big Lots store leases in Raleigh and Durham are being marketed for auction as part of the home goods retailer's bankruptcy.
The four locations are:
- 3420 Southwest Durham Drive in Durham
- 4723 N.C. Highway 55 in Durham
- 1515 Garner Station Blvd. in Raleigh
- 3340 Cypress Plantation Trail in Raleigh
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The auctions are being handled by A&G Real Estate Partners, which has offices in New York and Chicago. Hundreds of Big Lots stores across the country are set to close.
At 3420 Southwest Durham Drive in Durham, the square footage of the Big Lots is 58,388 square feet and the base rent is $6.07 per square foot. The lease ends Jan. 31, 2030. Bidding starts on Oct. 15. Raleigh-based Pathfinder Patterson Place LLC — whose manager is Beacon Partners’ Walker Gorham — is the property owner.
At 4723 N.C. Highway 55 in Durham, there is 35,200 square feet of space. Base rent per square foot is $5 with a lease end date of Jan. 31, 2028. The bid deadline has not been set for this location. An LLC associated with real estate investment firm East Coast Acquisitions owns the Triangle Square shopping mall.
In Raleigh, the 32,816-square-foot Big Lots store at 1515 Garner Station Blvd. has a base rent of $5.50 and a lease end date of Jan. 31, 2029. The bid deadline for this location is Oct. 15. An LLC affiliated with New York-based property management firm Madison Properties owns the shopping center.
At 3340 Cypress Plantation Trail in Raleigh, the 34,070-square-foot space has a base rent of $9.25 and a lease end date of Jan. 31, 2027. The bid deadline has not been determined. An LLC affiliated with Maryland-based Finmarc Management Inc. owns the shopping center.
The lease auctions are happening in six separate waves. A&G has already completed the first wave of lease auctions. In other parts of North Carolina, Big Lots leases are being auctioned in Boone, Charlotte, Jefferson and Matthews.
New York-based Emilio Amendola, Mike Matlat and Todd Eyler with A&G Real Estate Partners are handling the lease auctions at approximately 400 Big Lots locations across the country.
"It’s what we do. We’ve been doing it for many years," Amendola said. He's received interest from a number of other retailers and landlords.
Big Lots (NYSE: BIG) is closing all of its Raleigh stores as it goes through Chapter 11 bankruptcy. The Big Lots store at 6540 Glenwood Ave. in Raleigh and a store at 2000 Avondale Drive in Durham are among the other store closures in the Triangle.
One store remains in Durham, in addition to locations in Cary, Wake Forest and Fuquay-Varina.
