A&G Realty Partners and Tiger Capital Group Retained by Bankruptcy Trustee To Manage Sale of ITT Educational Services Assets
MELVILLE, N.Y., Oct. 6, 2016 /PRNewswire/ -- A&G Realty Partners and Tiger Capital Group have been retained by the Trustee of ITT Educational Services Inc. to manage the sale of the Company's owned properties and leases, in addition to all furniture, fixtures and equipment from the sites, as well as certain intellectual property.
A&G Realty is currently accepting offers for the Company's 30 owned properties, which range from 20,000 to 59,000 square feet, in California, Florida, Texas, Idaho, Mississippi, Michigan, Tennessee, Wisconsin, Washington, Illinois, New York, Georgia, Ohio, and Indiana. The properties are well located in major metro and strong secondary markets, such as San Bernardino, Houston, San Dimas, Tampa, San Antonio, Webster, and Boise. In addition, A&G is accepting bids on the Company's 111 leases, which range from 4,000 to 44,000 square feet, with sites located in 38 states.
"The owned real estate is a very unique opportunity for investors, developers and users. ITT developed a very strong real estate portfolio, which includes surplus land for future development at many of the sites," said A&G Realty Partners co-founders, Emilio Amendola and Andy Graiser. "These are well-built buildings in excellent condition, with good ceiling height and above-average parking, which can be used for flex, office, retail, health-related facilities, and schools. In addition, investors and users have the option to include all of the furniture and equipment as part of their bid. We are expecting a high level of interest in all of the properties."
A vast selection of office and classroom furniture; computer, network, server and telecom equipment; as well as electronic testing, medical and hospital training, and other trade-specific equipment will initially be available in volume or on a turnkey basis to parties that purchase or lease the properties. Tiger Capital Group will auction off the remaining assets at locations and times to be announced within the next 30 to 45 days.
"Educational, technical and medical institutions, and just about any kind of business will be interested in the furniture, fixtures and equipment that will be available for sale," added Jeff Tanenbaum, President of Tiger's Commercial & Industrial division. "The volume, variety and quality of assets is staggering."
For more information on furniture, fixtures, equipment and intellectual property available, please visit: www.SoldTiger.com.
ITT Educational Services filed for voluntary bankruptcy on September 16, 2016 in the United States Bankruptcy Court for the Southern District of Indiana, Indianapolis Division (case Number 1:16-bk-07207).
About A&G Realty Partners
A&G Realty Partners specializes in real estate dispositions, lease restructurings, facilitating growth opportunities, valuations and acquisitions. A&G Realty clients include some of the nation's most recognizable companies in healthy and distressed situations. A&G Realty is a leader in finding innovative ways to consolidate and reconfigure real estate to achieve the highest possible value. A&G Realty was founded in 2012 and headquartered in New York with offices in Chicago and Los Angeles. For more information, please visit www.agrealtypartners.com.
About Tiger Group
Tiger Group provides asset valuation, advisory and disposition services to a broad range of retail, wholesale, and industrial clients. With over 40 years of experience and significant financial backing, Tiger offers a uniquely nimble combination of expertise, innovation and financial resources to drive results. Tiger's seasoned professionals help clients identify the underlying value of assets, monitor asset risk factors and, when needed, provide capital or convert assets to capital quickly and decisively. Tiger's collaborative, straight-forward approach is the foundation for its many long-term 'partner' relationships and decades of success. Tiger maintains offices in New York, Los Angeles, Boston, Chicago, Sydney and San Francisco. To learn more about Tiger, please visit www.TigerGroup.com