Heilig-Meyers Disposing of 300 Retail Leases, 81 in California

SACRAMENTO, CA-Heilig-Meyers Company, the nation’s largest retailer of home furnishings and related items, is offering leases and fee owned properties for sale in 300 prime locations in 26 states, including 81 locations in California. The Richmond, Va.-based company is closing the 300 stores as part of its Chapter 11 Bankruptcy reorganization plan filed in August.

Helig-Meyers has appointed a joint venture of DJM Asset Management, LLC and Trammell Crow Company (NYSE: TCC) as its agent to manage the disposition of the properties. Andy Graiser, a DJM principal, says the leaseholds are an opportunity for other retailers and investors to acquire additional stores very quickly.

Three different auctions dates will likely be set by the bankruptcy court, but bids are being accepted. All told, Trammell Crow and DJM are marketing 29 fee owned properties and 271 leaseholds in freestanding and strip center stores in 26 states, ranging in size from 9,000 to 60,000 square feet, and two distribution centers, from 286,000 to 400,00 square feet. Some 81 properties are located in California, including two in Sacramento and a dozen others scattered about the Northern California region.

Additional information including store photos, location maps and lease abstracts will be available at the joint venture’s web site, www.heilig-meyersrealestate.com, beginning on September 20, 2000. A property package order form can be obtained from the “fax on demand” service at 619-682-1054. In addition, bid procedures may be requested from Deb O’Shaughnessy at Trammell Crow at 800-837-2709, and Emilio Amendola at DJM at 877-447-1050.