Now For Sale Online: Sears Stores

  • Apr 11, 2018
  • Marketplace In The News - PYMTS.com

While few people are shopping at Sears these days, even fewer have ever considered shopping for a Sears. But, via the magic of online auctions, it will be a coming-soon opportunity for the adequately capitalized.

The troubled department store chain is hoping to leverage the remaining value in its retail real estate holdings, and reports from The Wall Street Journal indicate that the web will (perhaps ironically) be the place the company is looking to unload them.

RealINSIGHT Marketplace, an online commercial real estate auction platform, will be working with real estate services firm Cushman & Wakefield to help Sears sell 16 profitable retail store locations. Of the lot, 15 are attached to malls, and all are being offered as sale or lease back deals. Some of the properties have agreements that make changing the use for the space fairly easy. Those spaces could be utilized for storage or transformed into residential or hotel properties.

“We feel that is the best method,” said James Shevlin, managing director at CWCapital LLC, a commercial real estate services firm that owns RealINSIGHT Marketplace, of the online auction. “It’s highly transparent for everyone and levels the playing field.”

“The offering has been pushed out to about 10,000 investor groups, of which about 200 have showed some early interest. Potential investors range from developers, retailers and real estate investment funds,” said Sean Hayes, managing director at Cushman & Wakefield.

Those intent on bidding must make their interest known by May 1. The shortlisted bidders will then be invited to bid and compete with each other in real time on an online platform hosted by RealINSIGHT Marketplace in the second round, which could take place a few weeks later

Read More