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Kmart Goes for Mixed-Use ... Sort Of

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Kmart is getting into mixed-use, but not as a tenant. Instead, the company's former headquarters in Troy, Mich., will be demolished and rebuilt as a mixed-use center.

More here.

Project officials say "Pavilions of Troy" will combine commercial and community amenities, and feature an ice skating rink. The site is near Somerset Collection, considered Michigan's premiere mall.

"It's a great spot to do business," said project consultant Paul Welday. "That corner is a destination point for shopping and gathering."

Welday said developers would demolish Kmart's former world headquarters, which opened in 1972.

The building was vacated after Kmart Holding Corp. acquired Sears, Roebuck and Co. for $12.3 billion in 2005. The enlarged retailer was renamed Sears Holdings, and made its headquarters at Sears' home in Hoffman Estates, Ill.

BlackRock Inc., a New York-based financial assets management firm, purchased the Troy property in 2005.

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Elaine Misonzhnik

Senior associate editor Elaine Misonzhnik has been writing for National Real Estate Investor since June 2006 and has covered commercial real estate for more than 12 years. She first became...
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