More than 200 Advance Auto Parts stores, either the properties themselves or their leases, are being marketed for sale by Hilco Real Estate.
Raleigh, North Carolina-based Advance Auto, an auto aftermarket parts retailer, has tapped Hilco to manage the disposition of real estate properties and leases that span 46 states. The portfolio includes retail locations and "potential redevelopment parcels situated in densely populated urban areas and along strong commercial corridors," Hilco, which is headquartered in Northbrook, Illinois, said Wednesday.
The properties and leases in the portfolio can be sold together, individually or in any combination, according to Hilco.
Advance Auto's properties are the latest large group of stores to go on the block. Gordon Brothers is marketing leases for around 500 Big Lots stores and nearly 700 Party City store leases are being auctioned by A&G Real Estate Partners.
Advance Auto is shedding its stores as part of a plan it announced in November to downsize its physical footprint. It said it would be closing more than 700 stores and shuttering four distribution centers. The company is one of a variety of retailers — including Macy's and drugstore chains such as Walgreens — that are trimming their store fleets to cut costs and boost profitability.
Over the coming weeks, Hilco said it will be working on the disposition of the more than 200 leased and 24-owned Advance Auto locations. The leases are being marketed for assignment or sublease.
They are in cities such as Corpus Christi and McAllen, Texas; Fort Myers, Florida; New Orleans; and Phoenix and Mesa, Arizona. They range in size from 5,500 to 15,000 square feet, according to Hilco.
The Advance Auto store leases include standalone locations and sites within shopping centers, both endcaps and inline, according to Hilco. They range in size from 3,000 to 48,000 square feet. The leases have an average of five years of a remaining fixed term on them, according to Hilco.
In addition to the stores, there are also industrial warehouse distribution center leases available, Hilco said.
Advance Auto didn't immediately respond to an email from CoStar News seeking comment.
For the record
Hilco Real Estate's Stephen Madura is handling the sale of Advance Auto Parts-owned stores. Matt Tabloff, also of Hilco, is handling the disposition of the leased properties.