Melville-based A&G Real Estate Partners plans to market 27 leases for Sam Ash stores in 12 states across the country, pending court approval.
A&G, which specializes in real estate liquidations, is offering the store leases as part of Sam Ash Music Corp.’s financial restructuring. The music retailer filed for Chapter 11 bankruptcy protection on May 8 in the U.S. Bankruptcy Court for the District of New Jersey and is closing all remaining U.S. stores while entertaining offers from potential buyers.
“ Sam Ash became a beloved institution among generations of customers,” Emilio Amendola , co-president of A&G, said in a company statement. “Along the way, the company took incredible real estate in high-visibility, high-traffic locations all over the country. Especially given today’s high construction costs, interest rates and occupancies, these leases represent an extraordinary opportunity for expanding retailers.”
The average size of the leases to be offered is 25,467 square feet, ranging from just 6,000 square feet to a big-box 44,000 square feet, according to A&G. Some of the Sam Ash stores have 12 or 15 years remaining on the leases, and many have five-year renewal options.
“In terms of store size, these locations are ideal for a broad array of U.S. retailers,” Todd Eyler , an A&G senior managing director,said in the statement. “They’re an especially great fit for today’s fast-expanding fitness and workout-recovery franchises, family entertainment concepts, and traffic-driving, discount ‘treasure hunt’ retailers. We anticipate robust interest in these leases.”
The century-old musical instrument chain dates back to 1924, when immigrant violinist Sam Ash and his wife Rose launched the first store in Brooklyn. Their sons, Jerry Ash and Paul Ash, were instrumental in growing the business that evolved along with American and music-industry history. Four generations of the family, most recently Sam and Rose’s great-grandchildren, have played an active role in the iconic retailer.
On Long Island, A&G will be marketing the lease for the Sam Ash store at 385 Old Country Road in Carle Place. The other stores are located in Brooklyn; White Plains; Phoenix, Ariz.; Ontario, Calif.; San Diego, Calif.; Torrance, Calif.; Westminster, Calif.; Margate, Fla.; Miami, Fla.; Orlando, Fla.; Sarasota, Fla.; Tampa, Fla.; Indianapolis, Ind.; Las Vegas, Nev.; Cherry Hill, N.J.; Springfield, N.J.; Charlotte, N.C.; Raleigh, N.C.; Lyndhurst, Ohio; Madison, Tenn.; Dallas, Texas; Houston, Texas; San Antonio, Texas; and Richmond, Va.
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