Sears will NOT renew lease on 815,000 square foot warehouse…

Apr 18, 2017
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The end of an era is approaching as Sears has quietly announced the company will not renew its lease on the mammoth 815,000 square foot warehouse according to the Daily Record.

Sears decided not to renew its lease at the 815,000-square-foot North Jacksonville warehouse it rents from Pattillo Industrial Real Estate, so the building will be available for new tenants in March.

Pattillo Vice President Peter Anderson said Monday the lease with Sears will expire and the department store company has not committed to renew it.

The structure was built at 2969 Faye Road in 2008 for Sears’ use, Anderson said.

Sears Corp. Holding spokesman Chris Brathwaite said Monday that the company made a business decision not to renew the lease.

“That said we have other facilities in the Jacksonville area and in Florida that are part of our network of warehouses and distribution centers serving our supply chain needs,” Braithwaite said.

Sears, based in Hoffman Estates, Ill., has been closing its Sears and Kmart stores in an effort to stay in business.

Anderson said he believes the structure to be the largest industrial building available for lease in the state. It is assessed at $28.8 million for tax purposes.

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THOMASDISHAW.COM

Born and raised in the backwoods of Michigan, Thomas Dishaw is an independent writer and entrepreneur. His work has been criticized in Slate, Right Wing Watch, Gawker, Daily Mail, and NY Daily News. Thomas currently writes for NaturalNews.com and resides in Delaware with his wife and Shih Tzu, where they enjoy healthy eating, politics, MSU Spartans and conservative values.
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  • ddearborn

    Hmmm

    The “relationship” that Sears had with this facility is perhaps just the tip of the iceberg of the problems that brought down Sears. Given that Sears at one time owned virtually all of its locations outright, had virtually no debt, had some of the most iconic and reputable and profitable brand names in the Western world (Sears itself, Kenmore, Craftsman, All State Insurance, Discover Card, the Sears catalog etc.) it seems impossible that they are now bankrupt. And in a very real sense, without massive inside manipulation and corruption it
    would have been…….The take down of Sears started in the mid 1980’s. It wasn’t “market” forces that took down Sears, it was crooked management and insiders. The aura of incompetence was a deliberate
    facade carefully built up to provide cover for the massive swindle that took place. Sears could have easily weathered the changes if the criminals hadn’t been in charge.

    It bears noting that in much the same manner, another iconic US brand was ripped off in similar fashion; General Motors. Like Sears, GM insiders walked away with billions while the common share holders, workers and retires were left holding the bag. And these are hardly the only companies to have suffered such a fate. Part of the problem is that the US has some of the lowest conviction rates for white color crime in the industrialized world. Part of it is the massively corrupt US Congress and a multitude of corrupt Government
    agencies in Washington. And part of it is a media establishment that celebrates profits over people………

    Just my 2 cents.