Kmart property listed for lease
The Grass Valley retail space currently occupied by Kmart — 111 W. McKnight Way — has been listed for lease.
The 85,444-square-foot space is described on real estate service provider JLL’s leasing site as an “opportunity to acquire a long-term leasehold interest in a Kmart property” which is “primed for redevelopment.”
The broker associated with the listing could not be reached for comment as of Thursday.
In February 2019, Transformco acquired Kmart, which had 202 stores at the time. As of this week, 49 stores remain listed on the retailer’s online store directory.
When asked if the Grass Valley store — one of eight remaining in California — is set to close, Transformco public relations director Larry Costello declined to comment.
The store is a part of the McKnight Crossing shopping center, managed by Mesa Management.
Cort Ensign, director of commercial property management at Mesa Management, said Monday that the company had not received any notice from Kmart stating that it intends to close the store. He said he had not seen the JLL listing.
“There is nothing official about them leaving that we’re aware of,” said Ensign.
According to Ensign, it is not uncommon for him to receive calls inquiring as to whether Kmart will be closing.
Prior to the Transformco acquisition, Kmart was owned by Sears Holdings, which filed for bankruptcy in 2018. Kmart store closures have continued under Transformco, however, including the closure of 77 stores announced in August 2019.
Victoria Penate is a staff writer for The Union. She can be reached at email@example.com.
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