Target at SW 44 and S. Western

[Bobby821]

I can't believe that Sears is going to last much longer.

Monstrous parking lot that is virtually empty every time I go by.

That property is owned by Sears and has been paid for for a long time so there is no rent on the property or building

[Pete]

That property is owned by Sears and has been paid for for a long time so there is no rent on the property or building

Same with the Target we are discussing.

[baralheia]

That property is owned by Sears and has been paid for for a long time so there is no rent on the property or building

Well, not really anymore - Sears started and spun off a real estate investment trust company called "Seritage SRC Finance, LLC" to hold a lot of Sears' real estate assets. According to the County Assessor, the property that the Sears store is on was sold to Seritage last July. When interviewed by the Memphis Business Journal about a few Sears stores in Memphis sold under similar circumstances, Sears said that they expected to continue to operate these stores sold to Seritage under a leaseback agreement, but that Sears has no control over Seritage (Source: Sears Memphis building sell-off part of retail land rush).