99 CENTS ONLY STORES ANNOUNCE BANKRUPTCY SALE OF 377 PROPERTY PORTFOLIO THROUGH HILCO REAL ESTATE AND JEFFERIES
NORTHRBOOK, Ill., April 15, 2024 /PRNewswire/ -- Hilco Real Estate, LLC (HRE), in collaboration with Jefferies LLC, is managing the sale of 377 real estate assets, encompassing 44 owned and 333 leased properties, as part of the bankruptcy Chapter 11 filing of 99 Cents Only Stores LLC. Outside of the real estate sales, Hilco Merchant Resources will be overseeing the liquidation efforts, including the sale of all inventory and fixtures.
Found in major cities like the Dallas-Fort Worth and Houston area, Phoenix, Las Vegas and Los Angeles, these properties lie in some of the respective area's most coveted retail corridors. Among the highlights of this expansive portfolio are several marquee properties situated along iconic thoroughfares such as Westheimer Road and Broadway Street in Houston, Texas, Flamingo Road and Tropicana Avenue in Las Vegas, Nevada, and Sunset Boulevard and Pico Boulevard in Los Angeles, California. The complete list of properties can be viewed on 99CentsRESales.com.
Known for their extensive array of products including groceries, household goods, health and beauty products and more, 99 Cents Only Stores vary in size from 5,200± square feet to 66,500± square feet. With an average size of 23,000± square feet, the portfolio boasts prime retail space ideal for reuse by a variety of similar or alternative users. While investors and developers are encouraged to consider the ongoing grocery and retail potential, there are compelling opportunities for redevelopment as well. Notably, three sites feature vacant land parcels, with a standout being an expansive 14± acre lot in San Jacinto, California. Surrounded by a mix of residential neighborhoods and commercial districts, this specific location presents exciting prospects for significant development endeavors at the city's most desirable retail intersection.
Joel Schneider, senior vice president at Hilco Real Estate, emphasized the importance of these 99 Cents Only Stores' locations, stating, "HRE's announcement of these sales underscores the value of these properties. We understand the significance of these storefronts and encourage buyers to continue serving the community as a one-stop-shop retail provider." He continued, "We invite investors and developers to explore the compelling opportunities they present whether retail use or redevelopment."
The sale is being conducted by Order of the U.S. Bankruptcy Court for the District of Delaware. All bids must be submitted on the approved asset purchase agreement available for review and download from 99CentsRESales.com.
Interested buyers should review the bid procedures, available on 99CentsRESales.com, outlining the requirements to participate in the sale process. For further details about the owned locations, please contact Steve Madura, Joel Schneider and Michael Kneifel at [email protected] and the Jefferies team at [email protected]. For further details about the leased locations, please contact Matt Tabloff and Adam Humerick at [email protected] and the Jefferies team at [email protected]. For further details about the on-going sale of 99 Cents Only Stores' inventory and fixtures, please contact Alex McKeown at [email protected].
To learn more about the sale process and terms or to obtain access to due diligence documents, please visit 99CentsRESales.com or call (855) 755-2300.
About Hilco Real Estate
Hilco Real Estate ("HRE"), a Hilco Global company (HilcoGlobal.com), is headquartered in Northbrook, Illinois (USA). HRE is a national provider of strategic real estate disposition services. Acting as an agent or principal, HRE uses its experience to advise and execute strategies to assist clients in deriving the maximum value from their real estate assets. By leveraging multi-faceted sales strategies and techniques, aggressive repositioning and restructuring experience, a vast and motivated network of buyers and sellers, and substantial access to capital, HRE exceeds expectations even in the most complex transactions.
About Jefferies
Jefferies (NYSE:JEF) is a leading global, full-service investment banking and capital markets firm that provides advisory, sales and trading, research, wealth, and asset management services. With more than 40 offices around the world, we offer insights and expertise to investors, companies and governments. For more information: www.jefferies.com.
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SOURCE Hilco Real Estate