https://www.cleveland.com/business/2019/11/former-garfield-heights-kmart-building-sells-for-14-million.html
Remember when all those kept saying there was no money in real estate? Yeah, you do! Eddie is laughing at you all the way to the bank!
9 replies (most recent on top)
@12edhdFm-1nah With SYWR it's more like spend a quarter to buy a dime
Right? $1.4M for a 85,000 sq ft facility, of which $1.1M is the land value according to the tax assessor, because that's how c-ap Eddie takes care of the properties. You can't even buy a condo for $1.4M in a lot of places.
@1ztq - In Brecksville, just 5 miles south of Garfield Hts., some homes sell for more than $1.4 million! That just illustrates how little these former Kmart properties are worth.
@1rxl - Years ago I heard this comment about Sears, "I've never seen a business so willing to jump over a dollar in order to pick up a dime."
Former Garfield Heights Kmart building sells for $1.4 million
not 14 million, but 1.4.
Good old Eddie. Always willing to lose billions in operations to make millions in profit in the real estate. What a genious.
Remember when Eddie had a 9 billion dollar fortune that turned into a 1billion dollar fortune? Pepperidge Farm remembers. Anyone can sell unlimited amounts of $80 a barrel oil for $10 a barrel. That's pretty much Eddie's whole theory behind SYW. His whole theory behind Sears', now Seritage's real estate too. None of that goes to Sears by the way, just more proof of his criminal conflict of interest putting his own over Sears', which the Feds will happily use as Exhibit A to get him into that orange jumpsuit
Hey, OP...I know you already know this, being a real estate expert and all, buuuuut
The company, as with 90% of Kmart properties, did not own this location.
https://www.crainscleveland.com/real-estate/industrial-commercial-properties-buys-garfield-heights-kmart-14-million
EVERYONE (with neural activity) knew from the beginning it was a REAL ESTATE deal.
Why do you keep bringing this up ?!?