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DALLAS-A trio of power players is ready to execute the exit strategy for pieces of a Service Merchandise Co. Inc. portfolio bought out of bankruptcy nearly three years ago for $232 million. Up for grabs are 42 properties in 21 states, all redeveloped sites with long-term national tenants as the drawing cards.

The offering, valued at roughly $200 million, is coming from the camp of Cleveland-based Developers Diversified Realty Inc., Klaff Realty LP of Chicago and the Philadelphia-headquartered Lubert-Adler Real Estate Funds. The freestanding structures, ranging from 24,875 sf in Las Vegas to 122,832 sf in Louisville, KY, were part of a 227-property, 31-state package that the trio pulled from the ashes of the Brentwood, TN-based retailer's bankruptcy.

Jim Batjer, managing director in Dallas for Holliday Fenoglio Fowler LP, tells GlobeSt.com that 30 buildings are fee simple, a half dozen are ground leased and another six have leasehold interests. The near 2.1-million-sf package of practically fully leased space will hit the market next week although it did have a sneak preview at ICSC in May.