DJM to Dispose of Circuit City Real Estate
Melville, N.Y. DJM Realty, a Gordon Brothers Group company, announced Tuesday it has been retained to exclusively manage the disposition of all remaining Circuit City Stores Inc. real estate in the United States.
In addition to marketing the remaining Circuit City store leases, DJM Realty will be marketing the distribution centers, office spaces and fee-owned properties for sale.
As of Dec. 31, 2008, the domestic segment of Circuit City operated 567 stores in 153 U.S. media markets. Circuit City filed for Chapter 11 bankruptcy protection on Nov. 10, 2008, and started liquidation sales on Jan. 17.
The engagement of DJM Realty, which is subject to bankruptcy court approval, anticipates a bid due on or about March 12.
“Circuit City’s real estate has begun to create interest among national and regional retailers and supermarkets,” said Andy Graiser, co-president, DJM Realty.
“There are great opportunities for schools and other non-retail uses. Several buildings are free-standing which offer opportunities for multiple uses,” added Emilio Amendola, co-president, DJM Realty.
The 578 leases that are available for assignment in this bankruptcy sale range from 16,844 sq. ft. to 82,555 sq. ft. and are in 46 states.
In addition to the retail leases, DJM Realty is marketing 13 fee-owned properties.