Joint venture acquires 52 Kmart leases
By Furniture Today Staff -- Furniture Today, June 24, 2002
TROY, Mich. — A joint venture consisting of Kimco Realty, Schottenstein Stores and Klaff Realty acquired 52 of 57 Kmart leases auctioned off last week, according to news reports.
The stores are among some 283 the retailer has closed during its Chapter 11 bankruptcy reorganization.
Julius Feinblum of Julius M. Feinblum Real Estate said he is familiar with the properties, located in several states, and said some could be subdivided and might make sense for furniture retailing.
Feinblum was hired earlier this year as a consultant to DJM Asset Management and Chain Links to market closing Kmarts to the furniture industry. Of the 283 stores closing so far, 20 to 40 could lend themselves to furniture, he said.
