Thank you for sharing!

Your article was successfully shared with the contacts you provided.

GARLAND, TX-A closed 84,000-sf Kmart had less than two weeks on the market when a retail neighbor put it under contract, ultimately paying $2.25 million for the high-profile property at 5701 Broadway Blvd. in Garland.

With the final papers now signed, Bargain Town, a venture of a Dallas investor, has started moving into the 8 1/2-acre property. In doing so, its old home, about 30,000 sf, at 3342 Broadway Blvd. is up for sale. The plan is to have its new location open for the holiday shopping season.

“Retail wise, it’s in the right position,” Michael Stern, associate for Dallas-based Staubach Co., tells GlobeSt.com about the purchase. He and Brian Murphy, vice president, represented the seller, Wilshire Business Center, a California-headquartered investment group. Paul Huang of Richland Real Estate in Richardson brokered the acquisition on the buyer’s behalf.

Stern confides that a back-up buyer was in hand, an indicator of the interest in the property that came to market at $2.5 million. “We didn’t expect such a quick sale. We thought maybe it would go as a development site,” he says. “As it turned out, there was an end user ready to go.”

The property is sitting in a middle market, where vacancy is low. Buys are good and rent is low for the most part, Stern adds. Of course, it doesn’t hurt that its immediate neighbor is a Wal-Mart Supercenter. Kmart vacated the property in late July or early August in favor of a new building about five miles north.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.