But remember, there's no value in real estate according to this board

TOWN OF WATERTOWN, N.Y. (WWNY) - Watertown’s old Kmart building has been sold for $500,000. That’s according to Jefferson County Property records.

The nearly 4 acre property was bought by Watertown Pioneer LLC, a Delaware limited liability company with an address of 33 Fallbrook, Hampstead, Quebec.

Pavia Real Estate, a commercial developer in New Hartford, New York, tells 7 News it has been hired by the new owner to market the building locally, regionally and nationally. Pavia said it will seek a tenant and is willing to subdivide the 112,434 square foot building.

According to Pavia, the property was bought at auction.

The property is zoned for commercial use.

The Kmart store, located at 21082 Pioneer Plaza Drive off outer Arsenal Street in the town of Watertown, closed in 2017, causing 57 people to lose their jobs. It was one of more than 220 stores parent company Sears Holding closed that year.

According to property records, Watertown Pioneer LLC bought the property from Lexington Tramk Watertown LLC, a Delaware limited liability company, in care of Lexington Realty Trust in New York City.

https://www.wwnytv.com/2019/10/31/watertowns-old-kmart-store-sold-k/

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I live in a suburb of a major east coast city. My house is on one acre and has 1700 sq. ft. , and I bought it four years ago for $585,000. And that price was $20,000 under the appraised value.
Even if the OP left off a few 'szero and the price was 5m. That is still very cheap for any buliding and land in any town near a major metropolitan area.
So the cost of that building on four acres and 112, 434 sq. ft. is nothing no matter where it is located.

My run down 2 bedroom home would sell for more than that in my area. I'm outside of Boston living on a tiny parcel of land. That $500,000 would buy you a condo here.

Unless it's a typo and you meant 5 million.

There’s obviously no value. That’s the price of a decent size home here in New Jersey!

Hahahaha the article says “bought the property from Lexington Tramk Watertown LLC”. Not Sears, Not transform Co, Not Seritage. This was either a formal rented property (most kmarts were leased not owned) or one lost in the BK. So Sears entity (past or present) got a dime from this sale.

$500k for 4 acres of commercial real property with utilities purchased at auction? That is the very definition of no value, no?

There's always money in the banana stand

For a building of that size, that's essentially nothing. A new, or even good-condition building would cost $8 to $10 million. It must be in an undesirable area, or need a lot of work.

That's a cheap price for a 4 acre commercial site with a 112,434 square foot building. So much for cashing in on valuable real estate.

4 acres and 112,000 sq ft for $500,000. That's like a 400 sq ft home in the Bay Area.

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But remember, there's no value in real estate according to this board

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