January 4, 2019
A&G Realty Partners will auction 10 department store properties formerly owned by The Bon-Ton Stores on Jan. 28 in New York City. All bids for the bankruptcy auction, which centers on fee-owned properties in six states, are due Jan. 25.
Stores range from 45,000 to 165,000 square feet, and include locations in Iowa, Pennsylvania, Michigan, Minnesota, Indiana and Illinois. They formerly operated under the Bergner’s, Herberger’s, Carson’s, Younkers, Elder-Beerman and Bon-Ton banners.
Three of the properties—in Coralville, IA and St. Paul and St. Cloud, MN—are located in Qualified Opportunity Zones, said A&G’s Emilio Amendola. “We’re seeing massive interest in these incentives among high-net-worth investors and diverse real estate funds alike,” he said.
Along with the capital gains tax deductions that can be achieved through Opportunity Zone investments, “many Opportunity Zones nationwide are in gentrifying areas with strong growth potential,” Amendola added.
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