Tuesday, October 25, 2016
Ind. Gov't. - "Vacant structures leave communities big-boxed into a corner"
Rob Earnshaw of the NWI Times has an interesting story today about how big box companies hold on to their vacant buildings. A sample:
St. John Town Manager Steve Kil's thoughts on big-box abandonment are similar.
"You don't have the enforcement authority that you think you do," he said.
Kil said the Kmart property is owned by Garden Properties in New Jersey, and they have no plans to sell it. He said he was told by one of its representatives that it is the policy and business plan of their company to not sell their properties.
"They will only enter into long-term leases with what they consider to be blue chip tenants," he said. "They are willing to sit on properties for decades if that's what it takes."
Kil said he was given an example of a vacant property the company owns in Chicago's northwest suburbs that "took them 10 years to lease."
Posted by Marcia Oddi on October 25, 2016 10:07 AM
Posted to Indiana Government