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Managing partner J. Terry Moss of Bellevue group Lacmart LLC, which has owned the Kmart property since about 1999, said he has been hearing from “strong retail users” for some time, including those interested in buying, redeveloping or becoming tenants on the site.
In the commercial real estate world, a large parcel with substantial exposure to potential customers represents a prime development opportunity, he said.
The Kmart at 4141 Martin Way occupies a nearly 8-acre site that is next to three major roads: Interstate 5, Sleater-Kinney Road and Martin Way.
Moss said Kmart is nearing the end of its existing lease term.
The 84,000-square-foot store, which was built in 1978, is among the first 79 Kmart and Sears stores that will close, but no timeline has been set for its last day of business.
A Sears store in Lacey is not set to close. Hoffman Estates, Ill.-based Sears Holding Corp. announced last week that it eventually would close 100 to 120 Sears and Kmart stores because of a downturn in holiday sales.
Coldwell Banker Evergreen Olympic Realty Associate Broker Larry Gilliam, too, said the Kmart parcel is a great site that might appeal to a big-box retailer, a neighborhood shopping center or small-shop tenants.
“There are huge traffic counts on Sleater-Kinney and Martin Way,” he said.
The only things that might slow development are tighter lending standards and the permitting process, he said. Still, based on the location, he thinks the site will have very little issue in attracting new tenants. Sears Holding announced the closure Thursday. A Sears store in Walla Walla also will close; no other Washington store closures have been announced.
Last year offered a mixed picture for South Sound retailers as some businesses closed and others emerged.
Those that closed or are set to close include Olympic Outfitters, Kmart, 510 Interiors, Borders, The Point tavern in Tumwater, Shipwreck Cafe in Lacey, Smart Nutrition, Tumwater Video, Red Bike Dueling Piano Bar and the Governor Grill.
Retailers that opened last year include Walmart in Tumwater, The Mac Store, REI, Chipotle Mexican Grill, Kitzel’s Jewish deli, Native New Yorker restaurant and Big Whisky Saloon.
Rolf Boone: 360-754-5403
rboone@theolympian.com
www.theolympian.com/bizblog
