Absolute Investment Realty has been selected as the exclusive representative of the owner of this reposition opportunity in Raton, New Mexico. The property is currently leased and occupied by Kmart. Though the property has been continuously operated by Kmart since it opened it’s doors in 1979, and the tenant has recently renewed its lease through 05/31/2021, Sears Holdings, Kmart’s parent corporation has announced it will be closing this location on April 8, 2018.
The vacation of Kmart will leave a huge market gap, resulting in a potential fantastic opportunity for the future owner and user of this property. The tenant remains responsible for it’s lease obligations including rent and property maintenance through 05/31/2021, presenting the buyer of this property with an opportunity to potentially negotiate a buyout of the lease and reposition and re-let the property for a higher rent rate. At $29.63/SF, this property also is priced well below replacement value helping to reduce the buyer’s risk and allow for a multitude of future tenant’s and uses.