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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.

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