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BELLEVUE-The owner of two former Kmart retail sites, Nat Franklin, has reached an agreement with the retailer to terminate the company’s leases, in an effort to avoid losses from its bankruptcy and begin searching for new tenants.

The Edmunds and Bellevue Kmart locations in Washington state were two of six stores closed by the company when it filed for bankruptcy earlier this year. Because Franklin and the retailer reached an agreement to terminate the leases last week, the two leases were not among the others, which were put up for public auction last week.

Franklin’s termination agreement is still pending approval by the U.S. Bankruptcy Court, after which he plans to market the properties, hopefully securing new tenants by the end of the summer. The properties, which are located at 15015 Main St. in Bellevue and 22511 Highway 99 in Edmonds, have drawn attention from many prospective tenants, mostly retailers.

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