Talk about fast deals -- New York City -based GA Keen Realty Advisors had a 14-day deadline to find buyers to purchase leases for 41 properties in 21 states formerly operated by high-end, Los Angeles-based clothier Metropark.
GA Keen did the job in under two weeks. The 41 leases were purchased for a little over $1 million.
Metropark filed for Chapter 11 bankruptcy protection on May 2. The retailer of premium denim, other clothing and accessories was founded in 2004,
In an auction, Cotton On Group won 35 leases for $910,000 and Perry Ellis Menswear acquired six leases for properties in California, Nevada, Texas and Georgia for $775,000. All transactions are subject to bankruptcy court approval.
GA Keen was retained by Metropark to assist the debtor's financial advisors CRG Partners Group LLC and debtor's counsel Cooley LLP. GA Keen was selected to market and sell stores across 21 states that had been operated by Metropark.
The company had 14 days to run a marketing process and was able to find takers for all the leases in that short timeframe, the company announced.
"For many years after our founding in 1982, we built our business selling leases for companies and retailers who were in a bankruptcy or restructuring mode, but selling leases given the economy over the past few years has been very difficult," GA Keen co-president Matthew Bordwin said in a prepared statement.
"To find new retailers to assume the leases for that many properties in only two weeks is a testament to the outstanding work our team did in getting the word out, aggressive marketing and the quality of the locations, as well."
Metropark operated stores in some of the best malls and shopping centers in the country. By purchasing the leases, retailers received an opportunity to move into store space with little up-front costs on build-out and a chance to obtain "A-type" space in multiple locations at the same time, according to GA Keen.
The properties, which range in size from 2,000 square feet to 3,500 square feet, are located throughout the country. The majority are in the Western United States (California, Arizona, Colorado, Nevada and Texas) and the East Coast (New York, New Jersey, Pennsylvania, Georgia and Florida).
GA Keen Realty Advisors is a division of Great American Group LLC, a provider of asset and real estate disposition, valuation and appraisal services.