According to bankruptcy filings, bids totaling $116.9 million ($93/sf) from several third-party purchasers were accepted for 32 assets. Ollie’s Bargain Outlet was responsible for the bulk of the total bid price, having submitted an offer of $42 million for 12 stores ($87/sf), followed closely by Scandinavian Designs, which bid $36 million for 15 stores ($64/sf). The bids for the 32 assets compare with the aggregate of Kroll’s property level “As Dark” values of $103.6 million ($82/sf) for the same set of stores.

In accordance with the bidding procedures outlined in bankruptcy filings, offers from third-party purchasers were eventually accepted for the 32 assets referred to above.

Trepp reports the “As Dark” value for the entire portfolio of $560 million, suggesting that if all the stores were sold “as is,” the proceeds would be in excess of the current loan amount of $489 million plus $5 million in principal and interest advances. However, it is likely the best store locations were “cherry-picked” by the interested bidders, and it may be more difficult to obtain the estimated “As Dark” values for the remaining stores to fully repay the CMBS loan.

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