Someone was asking about Minot ND. I found this listing, for Seritage, apparently (if I'm understanding it correctly, and I'm probably not), they want to lease part of the store but continue the Kmart there (according to their picture diagram)? Can someone make sense of this?
https://images3.loopnet.com/d2/cQnzYIS9jaFD9T1Z4Hcp0363xRP4gZeqdP-kt3Mg4z4/document.pdf
@1inn Dude, please don't copy and paste obsolete stuff without verifying it. Kmart in Bismarck is also closing, so there will be 1, not two Kmarts left in ND. You wrongly stated that Bismarck is staying open.
Paying rent with a store 1/3rd the size store will k–l any profits.
Who comes up with this idea.
Many stores were profitable in the past, because there was no lease, as we owned the property.
MINOT — The Kmart in Minot is up for lease.
The property was put up for lease by SRS Real Estate Partners with the ability to subdivide into three stores under one building, with Kmart expected to occupy one-half of the 108,110 square foot building.
Because the Fargo Kmart will close by the end of 2019, this will leave only two Kmart’s left in the state: in Minot and Bismarck.
This news comes after a long line of Kmart and Sears closures across the country.
Kmart is located at 1 20th Ave SE, Minot, ND 58701.
@1kvy So will 1 of those 3, chopped, stores still be Kmart? Or is that Kmart gonzo, and it will just be 3 different stores?
@itbq That's what I thought. Same company.
They want to chop the property into three separate store fronts. This store will be closed by April 2020.
SRS and seritage are the same company
https://srsre.com/corporate/portfolio-disposition/tampa/owner-investor-developer/seritage-growth-properties
Seritage no longer owns this property. check https://www.seritage.com/properties.
Its owned by SRS Real Estate of Denver https://www.minotdailynews.com/news/local-news/2019/11/minot-kmart-for-lease/
Seritage no longer owns this property. check https://www.seritage.com/properties
It’s a goner. Bank on it!
They did that in Michigan at two locations. They remodeled the building, making one half sears anf one half a home decor store.Not long after they closed the sears part leaving half an empty building.Still empty
They ain't renewing that lease, dude. Minot is the last Kmart in ND, a tiny state. I saw the map, it is 1.5 miles to Target. Trust me, that store will be closing.