MELVILLE, N.Y., Feb. 8, 2021 /PRNewswire/ — A&G Real Estate Partners is offering a distribution center and two big-box stores slated to close as part of the Stock + Field bankruptcy. The 57-year-old retailer is currently liquidating all 25 of its stores across the Midwest.
Located in Illinois, Michigan and Wisconsin, the three fee-owned properties are available for sale or lease, noted Emilio Amendola, Co-President of A&G, which was retained by the entities that own the sites. “These high visibility commercial and industrial real estate assets represent an excellent opportunity for both users and investors,” he said.
The 135,000-square-foot, cross-dock distribution center in Watseka, Illinois, sits on 11.1 acres at 317 S. Old US Highway 24. Its high-capacity design allowed the warehouse to serve Stock+Field’s entire portfolio of 25 big-box stores in five states, which makes it of potential interest to investors aiming to capitalize on the dramatic growth of the warehouse/fulfillment sector, noted Jamie Cote, an A&G Senior Managing Director of Real Estate Sales.
“The building boasts 38 dock doors—14 for receiving and 24 for shipping—with one drive-in door and clear heights of 18 to 24 feet,” Cote said. “It’s also located right between I-74 and I-65, with potential rail access to the Union Pacific.”
Also available for sale or lease is the former Stock+Field big-box store (with outlot) at 340 East Edgewood Blvd. in Lansing, Michigan.
Located in a Target-anchored shopping center along a primary commercial thoroughfare, the 137,454-square-foot building sits on a 10.6-acre site that includes an outlot for additional development. “The building originally opened as a Sam’s Club in 1989 but underwent a renovation by Stock + Field just two years ago,” noted Mike Matlat, an A&G Senior Managing Director. “With eight dock doors in all, the building is well-suited for occupation by large-format retailers with omnichannel operations.”
The Lansing property serves an overall market of 399,100 people within a 15-mile radius of the site, including a primary market of 317,000 residents within 10 miles.
Lastly, A&G is offering for sale or lease the former Stock+Field big-box store at 2935 New Pinery Road in Portage, Wisconsin. The building totals 89,381 square feet and sits on 9.5 acres. “This store, which dates to 1988, was also renovated in 2019,” Matlat noted. “It’s on the north end of a primary retail node of Portage, and benefits from its proximity to the intersection of U.S. Highway 51 and Interstate 39.”
The Portage building serves 46,900 people within a 15-mile radius of the site, including a primary market of 24,600 residents within 10 miles. “However, we believe the Portage trade area extends beyond the 15-mile radius to points east, north and south,” Matlat added.
Founded in 1964 as BigR stores, Stock + Field filed for Chapter 11 bankruptcy protection on January 10, 2021 in the U.S. Bankruptcy Court for the District of Minnesota.
About A&G Real Estate Partners
A&G is a team of seasoned commercial real estate professionals and subject matter experts that delivers strategies designed to yield the highest possible value for clients’ real estate. Key areas of expertise include occupancy cost reductions, lease terminations, dispositions, real estate sales, real estate due diligence, valuations, acquisitions, and facilitation of growth opportunities. Utilizing its marketing knowledge, reputation and advanced technology, A&G has advised the nation’s most prominent retailers and corporations in both healthy and distressed situations. The firm’s team has achieved rent-reduction and occupancy-cost savings approaching $8 billion on behalf of clients in every real estate sector, while selling more than $12 billion of non-core properties and leases. Founded in 2012, A&G is headquartered in Melville, N.Y. For more information, please visit: http://www.agrep.com/
SOURCE A&G Real Estate Partners