Local company buys Norwalk Kmart

Sale includes building and property.
Scott Seitz2
Feb 5, 2013

A local company has purchased the Norwalk Kmart property.

The sale included the building and 6.29 acres of land at the 330 Milan Ave. location.

A story with more details, including the buyer and purchase price, was published in Tuesday's Reflector. To read more, pick up a copy of that issue or subscribe to the e-paper for less than $1 per week and read it now.

Comments

cooker

Didn't several of us ask if they sold K-Mart weeks back when the property tranfer was in the paper? We all knew something was up.

KURTje

"Maple City Builders bought the building and 6.29 acres of land at the 330 Milan Ave. location. The purchase price was $1.17 million."

WASP71

I saw that in the paper also. But it doesn't say if K-Mart is staying or going.

Purplebonnie

So, does that mean Kmart is going under?

four

I will miss K-MART.

benedict

I called the store and ask if they were closing. She said "No we aren't closing" I said well it was in the paper that it was sold, & she said "We will just have a different owner"

jon491
whopper2011

I never realized that K-mart was owned by individual owners-I thought it was like walmart where it was owner by a corporation.

dswwtp

The business isn't being sold - just the BUILDING and the LAND.

2sense

Yawn

Contango

For many retailers, the real estate on which they sit is valuable, they sell it and then lease it back. In this case, the lease just changed hands.

Yes, Christmas retail sales were down for both Sears and K-Mart. Read into what you like.

Personally, I'm surprised that the Norwalk store lasted as long as it has. Most every time I go in there, it's like a ghost town.

Cliff Cannon

@ Contango : " Personally, I'm surprised that the Norwalk store lasted as long as it has. Most every time I go in there, it's like a ghost town"


Sad but true. Which means,of course, that all of us need to 'remind' our fellow citizens to shop there as often as possible. After all,who want's another empty building in Norwalk ? Especailly, I might add on such an important corner. So go K-Mart !

WASP71

I won't shop there anymore. They didn't have a item at that store and wouldn't bring from the Lorain store on the truck that was coming anyways. Said I had to drive to Lorain to pick it up. It was a small birdbath-nothing huge. Always out of stock, don't have stuff advertised in their add and people are rude and hard to find when you need help. Hope they close. Useless place to shop anyways.

Contango

Quite the opposite. I've found the clerks friendly and helpful.

Lourella

I have had the complete opposite shopping experience there. They are always helpful. We shop there all the time. I would be sad if they closed.

Commenter

I have found it more convenient than Walmart.
I've never had a problem at that store.

Contango

@ CC:

IMO, selling and then leasing is potentially a good financial strategy for publicly owned depts. and services.

Cliff Cannon

@ Contango : I agree. After all " cash ( flow) is king " didn't become a cliche for nothing. Besides,one doesn't even need to have a businessman's perspective to understand that. They just need,like so many of us do, to have take home pay, that doesn't take them all the way home,to get it.


P.S. On a national scale though. I wonder how many company's ( or gov't entity's) today have store's ( or bridges & roads) setting on land that is worth more than the store,itself ?( or would save money for leasing out the bridge)

Contango

@ CC:

Speakin' of which:

http://www.businessinsider.com/b...

Approx. 50% of the land area west of the Mississippi is owned by the citizens.

Cliff Cannon

@ Contango : Only 50 % ? Would've thought it much higher. Thankfully,I might add. For despite the fact that the " Bureau of land management " is a federal agency prone to shenanigans as much as other federal agencys. They have for the most part preserved the 50 % of the land to which you refer.


Of course,I am presuming you were headed for wanting to sell much of this land. Which on a case by case basis,might be a good idea.


However,if you we're headed towards selling our irreplaceable totem's ( picture the " Wal-mart Grand Tetons " or the " Exxon Grand Canyon " :) I have a song for you.


Normally, since Eagle legend Glenn Frey comes from the same neighborhood as me. I tremendously favor his " Eagles " vocal contributions to those of Don Henley, with this exception : " The Last Resort " Listen to it. Then,I'll bet you'll want the feds to buy even more land.

Contango

CC writes:

"However,if you we're headed towards selling our irreplaceable totem's ( picture the " Wal-mart Grand Tetons " or the " Exxon Grand Canyon " :) I have a song for you."

Nope! Lease 'em to the Sierra Club and/or other environmental groups. Let them be responsible for maintenance and workers wages and benefits.

IMO, the govt. should own as little land as possible.

Cliff Cannon

@ Contango : Leasing might work. Major problem,would of course be lack of resources by Sierra club or whomever. Bottom line like all hypocrites I want the " gov't " involved "here ",but not " there " :)


No doubt though, if you listened to Henley sing " The Last Resort " you have become an enviromentalist

ladydye_5

It is too bad that Kmart is So much MORE expensive than other stores. That is why people do not shop there. I was just at the Kmart in Fremont yesterday, the prices on stuff is ridiculous. A bottle of vitamins I get is 9.99 at other stores, 16.99 at kmart. Heck a SMALLER sized box of hamburger helper for 1.00, if you shop on sale you can get the "normal" size box for a 1.00 at the grocery store. Maybe if the prices were closer to other stores they might have a chance.

truckin

Kmart/Sears in financial papers have disclosed they will be closing 1/3 of all stores nation wide. Along with Radio Shack and Best BUY and a few others. There stock and outlook stinks. It just seems natural they would seek sale before foreclosure.

marcialee's picture
marcialee

I like some of the merchandise that Kmart/Sears has online. Unfortunately, they must not be as business savvy as Walmart. Kmart and Sears add shipping charges to the order, but Walmart has "site to store" with no shipping charge. So you can order exactly what you want from 1,000's of products not available locally, pick it up in the store and if you don't like it, return it locally. Kmart should have done the same thing because they carry some great products, especially some stylish clothes that are only online.

KURTje

FWIIW, TSC's location/building has always been owned by an insurance company.

Cliff Cannon

@kURTje : That's interesting. Given, Norwalk didn't have much luck with an absentee owner owning the old Kroger for example. Or that we now have an empty Bob Evans rest. building. I for one am thrilled that local owners now have the K-Mart building and hope K-Mart is there and rents from them forever !

Brock Lee

kmart is better then walmart they got good sales

Cliff Cannon

@ Brock Lee : Agreed !

Now The Rest of...

This article is not about about K Mart, its about ownership of the property where K Mart is located, K Mart never was the property owner...

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