Kmart building auctioned online in October
Commercial real estate agency Crexi published the announcement, putting the property up for auction from October 10-12. The opening bid is quoted at $750,000 and participants must pay a deposit of $10,000 to register for the online auction. Berkeley Capital Advisors, based in Charlotte, North Carolina, is the auction broker.
Crexi’s registration agent, Alexsis Aguirre, told The Dispatch that bidders can submit entries through the online listing and must pass a financial background check, including deposit, by Oct. 10 to participate. Once the auction has started, bidders can see all active bids on the property.
“It opens on October 10, that morning,” Aguirre said. “You can see all the offers coming in real time.”
Seritage SRC Finance owns the property at 2308 Highway 45 North next to Bargain Hunt. The Kmart closed in November 2018. According to a press release issued at the time by Sears Holdings – which owns both Sears and Kmart – the Columbus location was one of 46 properties the company has closed that year.
In the auction listCrexi is marketing the 117,082 square foot property on 14.86 acres as a prime location for redevelopment.
“The vacant box measures 412 (feet) by 282.2 (feet), creating a large amount of frontage for the retail redevelopment,” the listing reads. “This will give investors flexibility when backfilling the centre, allowing them to subdivide the space in a way that suits potential retailers.”
The listing also says the property is near several high-traffic stores along Highway 45, such as Walmart, Hobby Lobby, Belk, and TJ Maxx.
The property is in a “qualified opportunity zone,” which is a federal designation that would provide developers with capital gains tax credits for investing in the site.
Seritage SRC management did not respond to calls from The Dispatch at press time.
Lowndes County tax records estimate the value of the property at $3.1 million.
This is the second large parcel on Highway 45 to be auctioned online in recent years. The Alabama-based Hull Group bought Leigh Mall for $3.5 million at a Ten-X auction in October 2019.
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