DJM Realty to Continue Managing Disposition of Borders Stores
DJM Realty has been retained to manage the disposition of all the remaining Borders Group and Waldenbooks real estate throughout the country.
In February, Borders filed for Chapter 11 bankruptcy protection for its 900 stores nationwide.
There are currently 259 leases that are still available for purchase in premier real estate sites including Northern and Southern California with 31 properties and the suburbs of New York has 18 properties, Illinois has 16 portfolios and Texas with 12 sites. Other states that have several portfolios include Pennsylvania (14), Virginia (10), Ohio (10), Washington (9), Massachusetts (8), Maryland (8), New Jersey (8), Michigan (7), Georgia (7) and Colorado (7). The property leases range in size from 10,000 square feet to 40,000 square feet.
“This group of Borders' stores has generated very strong interest from retailers,” said Andy Graiser, co-president of DJM Realty. “With the lack of new real estate development and restrictive barriers of entry in several key markets, surplus of real estate like Borders becomes a very good opportunity for a number of growing retailers looking to open for business during the next four to 12 months.”
The Melville, N.Y.-based consulting and advisory firm specializes in real estate dispositions, lease restructurings, facilitating growth opportunities, valuations and acquisitions.