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Sprint Corporation Message Board

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  • texasbroker2000 texasbroker2000 Nov 5, 2004 10:39 AM Flag

    at least we know who did the buying

    One thing the market has learned with the K-Mart bankruptcy is that the real estate was severely undervalued. There are many buyers for big box properties in mature locations. Developers who will buy just for land value or in some cases they will divide the property and market to smaller retailers and also the big box users themselves.

    Given that most of Sear's growth occurred several years ago a lot of their property locations are infill...surrounded by developed property and their site presents the only opportunity for development.

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    • That has certainly been the case for properties already sold and developed. Do you think there is the same potential for the remaining properties? In my area (Denver Co), Sears has already sold off or developed the best potential properties. I don't believe there is nearly as much value in the locations they have retained.


      You gotta love this stuff. Back when Sears was the worlds dominant and growing retailer did the stock ever have days like this? But surely one halfway good month signals a turnaround. And there is all that great real estate value as insurance. How can you possibly lose?

      • 2 Replies to tjr31852
      • tjr, I don't know much at all about the total real estate portfolio. I would say that the stores in my market, Dallas/Ft. Worth are all viable and even sought after retail locations. Just because Sears doesn't capitalize on the location as a retailer doesn't mean that other retailers wouldn't do well. The reason Sears is failing is their business model not their real estate locations.

      • Ive been short since the 50s. Today was not fun.

        But all that happens here is that Sears sells property to Vonado in exchange for Von's shars. Von can't buy Sears.

        Remember that ESL was buying KM ordinary shares AND debt. In the bankruptcy the KM ords that they owned went to zero and the debt was converted to real estate ownership.

        Scudzy

 
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