WFMI Taking Over Real Estate From Sears

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Watch this interview from this morning with WFMI Co-CEO’s. They talk about taking the store count to 1200 locations…..

Where will they get all that real estate? Well, we might want to look at where they have been getting it:

Greensboro, NC from Sears

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Albany, NY from Sears

Clearwater, Fla from Sears

This Sears in Colorado was the first to become a Whole Foods

Sears Real Estate arm Seritage has over 200 location and over 18M sqft of CRE to lease or redevelop.

Much of the bear case seems to be the CRE is not worth what the bulls think it is. I am of the opinion turning a Sears location that is losing money into a leased WFMI that generates cash, well, that makes that CRE much more valuable. Further, if and when other retailers of all ilk see the success WFMI is having with Sears Holdings Corp (NASDAQ:SHLD), I’m sure their interest will increase in other Sears locations. What you are seeing is the slow transformation of a part of Sears Holdings into a REIT.

We also see Sears Canada pulling out of urban centers and it is only a matter of time before Sears US does…..who will take those spots? I’ll refer you to the video above

I also do not think that Sears Holdings Corp (NASDAQ:SHLD) ramping up its real estate divestitures/redevelopment plans at the same time one of its larger new tenants is ramping up its expansion plans is a huge coincidence.

Via: valueplays

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Todd Sullivan is a Massachusetts-based value investor and a General Partner in Rand Strategic Partners. He looks for investments he believes are selling for a discount to their intrinsic value given their current situation and future prospects. He holds them until that value is realized or the fundamentals change in a way that no longer support his thesis. His blog features his various ideas and commentary and he updates readers on their progress in a timely fashion. His commentary has been seen in the online versions of the Wall St. Journal, New York Times, CNN Money, Business Week, Crain’s NY, Kiplingers and other publications. He has also appeared on Fox Business News & Fox News and is a RealMoney.com contributor. His commentary on Starbucks during 2008 was recently quoted by its Founder Howard Schultz in his recent book “Onward”. In 2011 he was asked to present an investment idea at Bill Ackman’s “Harbor Investment Conference”.

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