Sears closings

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yindesu
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Sears closings

Post by yindesu » Thu Apr 12, 2018 10:05 am

https://www.wthr.com/article/castleton- ... tion-block
An anchor store at Castleton Square Mall will hit the auction block next month.

The Sears store is one of 16 across the nation that are being auctioned online by commercial real estate services firm Cushman & Wakefield, CNBC reported Wednesday. The firm said about 200 investor groups have shown interest in the properties, which also includes Sears stores in Merrillville and Mishawaka.

Indicative bids for the properties, which are used to determine serious potential buyers, are due May 1. The auction will be held May 22.

Meanwhile, Indianapolis-based Simon announced plans to redevelop five former Sears stores into retail, dining and entertainment centers. None of the locations chosen for redevelopment are in Indiana.
Round 1 never? Doubt they would bid for the property if Simon isn't paying for the redevelopment.

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Re: Sears closings

Post by Ho » Thu Apr 12, 2018 10:53 am

It's been a couple months since I've been over to Castleton. Is that store still open at this point?
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Re: Sears closings

Post by Merk » Thu Apr 12, 2018 1:10 pm

Sears is basically a shadow of its former self. They might as well be a real estate company at this point, the land they own is pretty baller but I can't remember the last time I've ever gone into a Sears to buy some shit.
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Re: Sears closings

Post by MonMotha » Mon Apr 16, 2018 11:01 pm

Wait, so Sears OWNS that part of the Castleton Square Mall? I can't say I'm totally surprised given that Sears is indeed also basically a real estate company, but I was of the impression that they leased most of their mall spaces and owned the standalone stores (what few are left).

Then again, for all I know, that Sears was there before the mall and the mall was built around it.

Sears is really a sad example of mismanagement of a major US retail outlet. They probably could be doing just fine, but well, mismanagement. They were THE place to buy quality tools at retail for reasonable prices and quality appliances, but they focused instead on cheap, import, disposable consumer appliances like TVs instead of major appliances and then got the crazy idea that they wanted to be yet another clothing retailer in the already over-crowded mall clothing retail space at the expense of tools and similar. Then they gutted the Craftsman brand reputation by basically turning it into Harbor Freight with crappy import tools with questionable quality control. It still has that awesome no-questions-asked warranty, but so does Harbor Freight.

At least Craftsman did get sold off prior to all of this and is a mostly independent entity. Hopefully they'll manage to stick around after the inevitable death of Sears to honor their warranty. I'm not holding my breath, though...

Guh, I really don't want to be relegated to buying overpriced stuff from Snap-On, Mac, Matco, etc. just to get quality tools. I don't use them enough to justify that, but I don't like working with shitty tools, either. Craftsman was such a great compromise. Maybe Stanly Proto is an option...
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Re: Sears closings

Post by Ho » Tue Apr 17, 2018 8:43 am

Do you suppose that what's up for auction is the remainder of their lease? Like, maybe they're under some 20 or 50 or 100 year lease that they signed when they thought they'd be around forever and now they want to get out from under it? I'm not a real estate person. I don't know if any of this even makes sense.
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Re: Sears closings

Post by MonMotha » Tue Apr 17, 2018 6:37 pm

Unless those lease terms are now extremely favorable (e.g. the rent hasn't adjusted even for inflation in 30 years), I'd think the value of that obligation would be approaching negative given how poorly malls are performing these days. Just let it get absorbed in the bankruptcy and call it good.

They may well own it. It was clearly built out to be a Sears and nothing else, and I don't know that there's ever been anything else in that space.

I guess they could be selling off all the fixtures and whatnot even if Simon (or someone else) owns the space.
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Re: Sears closings

Post by Ho » Wed Apr 18, 2018 9:03 am

Has anyone been by Castleton to see if that store is still open at this point?
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Re: Sears closings

Post by MonMotha » Wed Apr 18, 2018 4:32 pm

*crickets*

And here, ladies and gentlemen, is the crux of the problem.

I think I've been to the Sears Hardware in Fishers more recently than the one at Castleton Square. How long has that one been closed, now? 2 years? It was a franchise, too.
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Re: Sears closings

Post by Ho » Thu Apr 19, 2018 8:19 am

I have a fond memory of that store from > 10 years ago when they still had the all-caps logo. The middle bar of the E burned out, so at night the sign read SCARS HARDWARE.
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Re: Sears closings

Post by yindesu » Thu Apr 19, 2018 10:13 am

Ho wrote:I have a fond memory of that store from > 10 years ago when they still had the all-caps logo. The middle bar of the E burned out, so at night the sign read SCARS HARDWARE.
You can still experience that now in Castleton. A little bit back, I passed a gas station on 82nd Street named "pee way"

...

Anyway, this seems to be the details: https://marketplace.realinsight.com/auc ... operty/171

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Re: Sears closings

Post by Ho » Fri Apr 20, 2018 8:57 am

LOL @ pee way!

Thanks for the auction link. It looks like Sears does indeed own it. I'm going to mark that down in the "things I didn't know about real estate" column. (There's a lot in that column.)

From the auction listing, it also sounds like the space is still occupied by Sears at this point. I guess working there is like working at Toys R Us right now...you know your days are numbered.

I wonder if any of these auctions will end with the property being sold and Sears remaining as a tenant. More things I don't know about real estate--maybe that would be advantageous in some way to lease from someone else rather than own if they still wanted to/were able to keep a store open.
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Re: Sears closings

Post by Diamondback1996 » Fri May 04, 2018 12:23 am

From what I've read Sears tends to sell their stores and lease them from the new owners. Not sure if that would happen here though.

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Re: Sears closings

Post by MonMotha » Fri May 04, 2018 7:05 pm

This is a common trick done by companies that need capital now and damn consequences in the future.

Apparently AT&T recently sold off basically all of the cell towers that they owned and are now just leasing space on them. Take that as you will. That may actually be cheaper for them since the operator will co-lo other carriers on the tower spreading out the operating costs whereas AT&T would not do that.
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Re: Sears closings

Post by yindesu » Thu May 31, 2018 3:36 pm


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