–Bankruptcy sales of leases for large, strategically located properties represent a strong opportunity for transportation and trucking companies; court-approval pending
NEW YORK, Aug. 13, 2024 /PRNewswire/ — A&G Real Estate Partners, in its capacity as real estate advisor to passenger transportation and mobility services provider Coach USA (“the company”), today announced the upcoming auction of eight bus terminals across the United States, as part of the company’s expedited financial restructuring.
The bid deadline is August 28, 2024, subject to court approval of bid procedures. Paramus, N.J.-base Coach USA this past June announced that it had commenced voluntary Chapter 11 proceedings in the U.S. Bankruptcy Court for the District of Delaware, with a goal of preserving jobs, ensuring continued service and maximizing the value of its businesses.
The company continues to operate as normal and remains focused on safely serving customers across North America.
“These eight bus terminals offer ample space for parking, storage and repair/maintenance, and they also boast strategic locations near airports, highways and major U.S. markets,” said Emilio Amendola, Co-President of A&G Real Estate Partners and head of the firm’s real estate sales division. “Bus and trucking companies already are expressing strong interest in these sites.”
The terminals are located in:
California (Bakersfield)
Maryland (Landover)
New Jersey (Paulsboro, Elizabeth)
Ohio (Columbiana)
Pennsylvania (Fairview)
Texas (Austin and Houston).
“These assets offer attractive rents, and the Elizabeth location is adjacent to the Port of Newark, with very significant remaining term adding to the appeal,” said Chief Restructuring Officer Spencer M. Ware, Partner, CR3 Partners, LLC. “It’s a tremendous opportunity for the U.S. transportation sector.”
Houlihan Lokey is the company’s investment banker, with Alston & Bird as well as Young Conaway Stargatt & Taylor, LLP, serving as debtor’s counsel.
For further information on the assets, visit www.arep.com/real-estate-for-sale or contact Emilio Amendola, (631) 465-9507, [email protected], or Doug Greenspan, A&G Senior Managing Director, (310) 770-7832, [email protected]
Media Contacts: At Jaffe Communications, Elisa Krantz, (908) 789-0700, [email protected]
SOURCE A&G Real Estate Partners
