As Big Lots prepares to close hundreds of stores across the U.S. following its Chapter 11 bankruptcy filing, real estate opportunities are emerging for investors and retailers looking to lease prime commercial space. In South Florida alone, 10 Big Lots locations are up for lease, offering a variety of square footage options in some of the region’s most desirable retail markets. These lease auctions represent a significant shift in the region’s commercial real estate landscape, with prime locations becoming available at competitive rates.
Melville, New York based A&G Real Estate Partners has been tasked with auctioning the leases for these closing stores, including the 296 Big Lots locations set to shutter across the country. With court authorization in place for 144 store leases, bids are now being accepted for these properties. The bid deadline for these stores is set for September 16, while the bid deadlines for the remaining locations, including some in South Florida, will be determined at a later date.
Here’s a closer look at the South Florida Big Lots locations available for lease, offering both investors and retail tenants an opportunity to acquire space in a competitive real estate market.
South Florida Big Lots Stores Up for Bid
1. Boca Raton
Location: 21697 State Road 7
Size: 36,078 square feet
Base Rent: $10.89 per square foot
Lease End Date: January 31, 2026
Renewal Options: Two fiveyear renewal options
Bid Deadline: September 16
2. Boynton Beach
Location: 901 N. Congress Ave.
Size: 26,392 square feet
Base Rent: $14 per square foot
Lease End Date: January 31, 2029
Renewal Options: Five fiveyear renewal options
Bid Deadline: To be determined
3. Coconut Creek
Location: 4847 Coconut Creek Parkway
Size: 25,000 square feet
Base Rent: $9.50 per square foot
Lease End Date: January 31, 2026
Bid Deadline: To be determined
4. Hallandale Beach
Location: 1761 E. Hallandale Beach Blvd.
Size: 31,030 square feet
Base Rent: $13 per square foot
Lease End Date: January 2, 2025
Bid Deadline: September 16
5. Hollywood
Location: 3921 Oakwood Blvd.
Size: 20,000 square feet
Base Rent: $14.09 per square foot
Lease End Date: January 31, 2025
Renewal Options: One fiveyear renewal option
Bid Deadline: September 16
6. Miami (Flagler Street)
Location: 8265 W. Flagler St.
Size: 23,108 square feet
Base Rent: $10.50 per square foot
Lease End Date: October 31
Renewal Options: Three fiveyear renewal options
Bid Deadline: To be determined
7. Miami Lakes
Location: 5580 N.W. 167th St.
Size: 26,500 square feet
Base Rent: $15.49 per square foot
Lease End Date: February 28, 2027
Bid Deadline: September 16
8. Plantation
Location: 7076 W. Broward Blvd., Suite B
Size: 25,800 square feet
Base Rent: $7 per square foot
Lease End Date: January 31, 2027
Renewal Options: One fiveyear renewal option
Bid Deadline: To be determined
9. Pompano Beach
Location: 1440 N.E. 23rd St.
Size: 27,600 square feet
Base Rent: $15 per square foot
Lease End Date: January 31, 2027
Renewal Options: Two fiveyear renewal options
Bid Deadline: September 16
10. Royal Palm Beach
Location: 511 N. State Road 7
Size: 30,000 square feet
Base Rent: $8.80 per square foot
Lease End Date: January 31, 2027
Renewal Options: Four fiveyear renewal options
Bid Deadline: To be determined
Real Estate Market Context in South Florida
The availability of these Big Lots retail spaces comes at a time when South Florida’s retail real estate market is thriving. According to a recent report, the average base rent for commercial spaces in the region is significantly higher than what Big Lots had been paying. As of the second quarter of 2023, the average persquarefoot base rent in:
MiamiDade County was $45.26
Broward County was $28.93
Palm Beach County was $19.34
Given these figures, the Big Lots leases are priced below market value, making them particularly attractive to potential bidders. Retail insiders anticipate that the vacant spaces will be quickly taken over by other bigbox retailers, especially since many of these leases are locked in at rates that were secured before the pandemic, when commercial real estate rates were lower.
The Opportunity for Investors and Retailers
For investors and retail tenants, these Big Lots locations represent prime opportunities to secure retail space at belowmarket rates. Given their locations in hightraffic areas of South Florida, including Boca Raton, Miami, Pompano Beach, and Hallandale Beach, these retail units could be ideal for a range of businesses looking to expand or relocate.
Bigbox retailers, discount stores, grocery chains, and other largeformat businesses are expected to be among the leading bidders for these spaces, particularly since many are located in retail hubs with strong foot traffic and visibility.
The Sept. 16 deadline for several of these properties is fast approaching, so interested parties are advised to act quickly. A&G Real Estate Partners is also planning an additional round of auctions for more Big Lots locations, pending final court approval.
The Big Picture: Big Lots’ Bankruptcy
The lease auction is part of Big Lots’ Chapter 11 bankruptcy process, which the company filed on Sept. 9 in response to ongoing financial difficulties. Big Lots, a Columbus, Ohiobased retailer, has been a staple in the discount retail market for years but has struggled with declining sales and rising costs. By shedding underperforming stores through the bankruptcy process, Big Lots hopes to restructure its business and focus on more profitable locations.
In South Florida, 17 Big Lots and Conn's HomePlus stores are slated for closure, with their leases going up for auction. This reflects broader challenges in the retail sector, particularly for brickandmortar chains that are facing increased competition from ecommerce and changes in consumer behavior.
Contact the Mastropieri Group for South Florida Real Estate Insights
Whether you're interested in bidding on one of these Big Lots locations or exploring other commercial real estate opportunities in South Florida, the Mastropieri Group is here to help. Our team has extensive experience navigating South Florida’s dynamic real estate market and can provide valuable insights to help you make informed investment decisions.
For more information on available properties or to schedule a consultation, call the Mastropieri Group at 5615447000. Let us assist you in finding the perfect commercial space for your business needs in this thriving region.
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