JLL hired to manage 275 former Toys “R” Us properties amid selloff
The bankrupt toy retailer is shedding its extensive real estate assets, even as some stakeholders plan revival
Raider Hill Advisors has hired JLL to manage 275 former Toys “R” Us stores across the country as the bankrupt retailer continues to sell off its entire portfolio. Even amid the orderly liquidation, the New York company’s stakeholders have plans of their own for the brand.
JLL will handle retail and facility management, tenant coordination, construction, accounting and tax services for the properties, according to Commercial Observer. JLL CEO Greg Maloney said his firm would “support Raider Hill Advisors on their operational ambitions, tenant relationship building program, and the identification of future value enhancing opportunities.”
The announcement comes a day after news that a group of stakeholders in Toys “R” Us are devising a plan to relaunch the retail brand as a toy wholesaler. A planned auction of the rights to the company’s name was canceled.
Toys “R” Us hired Raider Hill Advisors in July to help sell off its real estate assets, four months after announcing it would shutter all of its stores following bankruptcy. The retailer had been battered by the e-commerce industry.
While JLL is only managing retail properties, the former toy giant’s portfolio is not only former Toys “R” Us and Babies “R” Us retail locations — it includes large distribution centers and the company’s 585,000-square-foot headquarters in Wayne, New Jersey.
About 500 of the properties are leased from numerous landlords, which makes JLL’s job no small task. The real estate industry is watching closely what happens with the stores. [Commercial Observer] – Dennis Lynch