Signs of movement on Kmart replacement, but no sale yet

< 1 min read4,945 views and 537 shares Posted February 6, 2020

As the sign at the old Kmart comes down, there is an indication that a buyer has been identified, but no sale has been finalized yet.

News had broke in November that the 1745 Quentin Road, North Cornwall Township Store, would be closing by February.

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Read More: Lebanon Kmart set to close by February, building for sale

The LoopNet listing that previously listed the sale of the building has been taken down, but no action has yet been filed with the Lebanon County Recorder of Deeds, according to a LebTown search of the property records database.

The building is currently owned by Seritage, a company formed with the real estate assets of Kmart and Sears. According to a Seritage statement made at the end of 2019, the firm was finding 4x average rents at its properties compared to the amounts previously paid by Sears and Kmart.

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The company noted that it was selling off assets in smaller markets “in order to focus our human and capital resources on our most attractive redevelopment opportunities.”

While the Bennett Williams Commercial listing had suggested that the building was up for sale, Seritage still has it listed for lease on its website. So both outcomes are still possible.

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