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Friday, April 23, 2010

Sears Opens Commercial Realty Business

International Business Times

Sears Holdings Corp. has opened its own commercial real estate business under the name SHCRealty.com to sell or lease its thousands of both vacant and operating Sears and Kmart stores and associated properties.

The site lists 67 shuttered stores and 3,779 of what Sears calls "operating opportunities" - properties with space available for in-store shops or with adjacent land or space in the parking lot for lease.

"I don't know anybody who's done it at this scale," says Alan Barocas, an Atlanta-based retail real estate consultant and the former senior vice president of real estate for Gap Inc. "It's a way for them to generate revenue from their real estate. It's purely an income stream."