Wal-Mart Fixture Storage Store Sells for $16M

KANSAS CITY, MO-A retail store turned retail warehouse here has been sold in an alphabet-soup-type purchase agreement, by Hollywood, FL-based DDM/JFD LP to Cleveland, OH-based WM KC SPE LLC, for $16.4 million. The property, at 5000 Bannister Road, is a former store in a strong retail area that is now fully leased by Wal-Mart as a warehouse.

“The owner has a large portfolio, they just thought it was time to sell the property,” says Bryan Ley, senior advisor with Sperry Van Ness, which represented the buyer. “They want to move more money into development projects, so they’re getting rid of some of their product.”

The 134,650-sf property was built in 1992 for Pace Warehouse, a retail chain that was acquired by Sam’s Club, which is owned by Wal-Mart. “The company decided to convert the store into a fixtures warehouse. Whenever they close a Wal-Mart, they move all the fixtures to this location, and then allocate the material to a new or existing Wal-Mart. You could call it a hub or outlet for supplies for the company,” Ley says. The public is not allowed into the store, he says.