Keen Realty To Sell Breuners' Portfolio of 47 Retail Leases

LANCASTER, PA-A day after Breuners Home Furnishings Corp. filed for Chapter 11 bankruptcy protection, it filed court papers to retain Great Neck, NY-based Keen Realty to market and dispose of all of its leasehold interests. They include 47 Breuners Home Furnishings, Huffman Koos, and Good’s Furniture stores in six states along with five distribution centers and the parent company’s 31,256-sf headquarters here. The entire portfolio encompasses nearly 2.2 million sf of retail space and 758,748 sf of distribution space.

“We’ll sell the full portfolio as a package, separate it into small packages, or sell individual leaseholds, whichever generates the most return for the company and its creditors,” Matthew Bordwin, Keen SVP, tells GlobeSt.com. Prices for individual properties have not yet been set, he says, “but they will be momentarily and available to interested parties.”

Under the Good’s Furniture identity, there are 17 retail leases with an aggregate of 679,009 sf in Pennsylvania, New Jersey and Delaware, and two distribution centers, totaling 178,000 sf in Pennsylvania and Delaware. Under the Huffman Koos name, there are 20 retail leases aggregating 997,751 sf in New York, New Jersey and Connecticut, and two distribution centers in Connecticut and New Jersey with an aggregate 450,608 sf. The 10 Breuners Home Furnishings retail leases, all in Northern California, total 485,011 sf. The California distribution center totals 130,140 sf.