KMart Sold?

14 Comments
Reads 11175

By Cris S.

In the newspaper today, there's a real estate transaction on July 20th for 6865 Hollister Ave (where KMart is located) owned by Sears Roebuck and Co to "MGP XII KB GOLETA LLC" for $20,000,000. 

Does anyone know what the plans are for the store or who the buyer is?
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14 Comments

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Bodyboarder73 Aug 15, 2017 06:11 PM
KMart Sold?

Couldn't agree more. It was fun as a kid in the 80's and 90's. All the popular islands are a nightmare now. Maybe Molakai someday would be relaxing.

Flicka Aug 15, 2017 09:55 AM
KMart Sold?

Hard for me to visualize Maui with a K-Mart. I haven't been there since 1971 when it was still a beautiful little village with no condos or huge hotels. I don't think I'd like to go back. Lived in Kailua-Kona 1971-72. I can only imagine how it has been changed from the groovy little place we lived in. I assume it's all called "progress".

tagdes Aug 15, 2017 03:29 PM
KMart Sold?

I recently spent a week on the eastern half of Maui. Traffic was so bad there I didn't even attempt going to Lahaina. Kahului was gridlock all day long. I'll never go back.

Bodyboarder73 Aug 14, 2017 03:27 PM
KMart Sold?

Yes Bosco, that's correct. Lahaina, Maui is number #2.

Bodyboarder73 Aug 14, 2017 03:29 PM
KMart Sold?

Or was. They closed, Goleta is next, no idea when though.

420722 Aug 14, 2017 10:40 AM
KMart Sold?

Bosco, I believe it since it is right next to UCSB. Even if it stays a K-mart it maybe time for a remodel/upgrade.

bosco Aug 14, 2017 10:27 AM
KMart Sold?

I once heard a rumor that this was the most profitable K-Mart in the country. Anyone know if that's true?

ARCHIE Aug 14, 2017 08:35 AM
KMart Sold?

Perfect place for a Container store.

420722 Aug 13, 2017 04:33 PM
KMart Sold?

Demolish K-Mart and put a walmart. Not a target though!

tagdes Aug 14, 2017 01:24 PM
KMart Sold?

Totally agree...Walmart..collage kids will still be able to go there and it will still be busy and profitable. I wouldn't drive to La Cumbre for a Target let alone to Goleta from San Roque. When Sears closes I'll just have to get my Levi's at Macy's ...until of course they close and then it's by drone from Amazon.

REX OF SB Aug 14, 2017 10:11 AM
KMart Sold?

Demolish K-Mart and put a target. Not a walmart though!

yourfakereality Aug 13, 2017 03:03 PM
KMart Sold?

From merlonegeier.com: "Primarily focused on community and neighborhood shopping centers, Merlone Geier Partners and our predecessor, M&H Realty Partners, have been actively investing in West Coast retail property since 1993, acquiring to date 149 West Coast properties representing in excess of 26 million square feet. Our firm, co-managed by Peter J. Merlone and Bradley A. Geier, has raised more than $4.3 billion of discretionary institutional equity capital over the past 24 years. We commenced investment activities in our $1.14 billion twelfth fund, Merlone Geier Partners XII L.P., in February 2017." Considering the huge number of retailers scheduled to close in 2017, don't be surprised if the old Kmart is demolished, and yet another "pack und stack" takes its place.

laughing Aug 13, 2017 03:28 PM
KMart Sold?

Im starting to like you.

EastBeach Aug 13, 2017 12:40 PM
KMart Sold?

The Independent also listed the same transaction. Some Googling reveals MGP XII LLC is a privately-held REIT (Real Estate Investment Trust). For those of you who invest in public REIT's in your retirement portfolio (e.g. VNQ) you know a REIT is an entity that invests/speculates in real-estate. REIT's frequently specialize in certain types of real estate (e.g. shopping centers, apartment buildings, office buildings, casinos, retirement villages, etc.). MGP XII KB Goleta LLC lists the same filing address as MGP XII LLC in San Francisco and both LLC's have the same "registered agent" (a third-party who acts as the LLC's official paperwork interface). So the two are likely related. Don't you love the "transparent" world of business?

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