In January 2019, Klaff Realty, LP led a joint venture among a consortium of investors in the acquisition of a 14-property portfolio of former Toys “R” Us stores. The portfolio was previously owned by its lenders after the toy product retailer filed for bankruptcy. The JV consists of Klaff Realty (www.klaffrealty.com), Lubert-Adler (www.lubertadler.com), New England Development (www.nedevelopment.com), and Schottenstein Property Group (www.spgroup.com).
The properties are located across the country in 10 states (CA, IL, MD, MI, NJ, NY, OH, TN, TX, WI) and average roughly 40,000 SF per asset. The JV will seek to maximize value by redeveloping, re-tenanting, and repositioning the vacant boxes.