HOFFMAN ESTATES, Ill., Jan. 15, 2021 /PRNewswire/ -- Transformco Properties has completed the sale/assignment of five Kmart store leases to Target Corporation. The proceeds from these sales will enable Transformco to invest in its go-forward businesses. Terms of the deal were not disclosed.
"Transformco continues to pursue opportunities to create value from its real estate portfolio and to partner with retailers, property owners and communities as part of the ongoing reinvention of retail real estate," said Scott Carr, president of Transformco Properties.
The leases are for the following Kmart store locations:
- Kill Devil Hills, N.C. - 1091 North Croatan Highway
- Jackson, Wyo. - 510 South Highway 89
- Scotts Valley, Calif. - 270 Mt. Hermon Road
- Wall, N.J. - 1825 Highway 35
- Auburn, Maine - 603 Center Street
Transformco is a privately held company with five core businesses: A real estate portfolio of 59.8 million square feet; Sears Home Services, the nation's largest appliance repair provider; the Shop Your Way® loyalty and credit card program; Transform Brands, home of Kenmore and a licensee of DieHard; and Sears and Kmart full-line stores, specialty stores and online operations.