Chesterton Tribune

 

 

Doyle: Kmart building owner apparently intends to lease it again

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By KEVIN NEVERS

The Kmart building at 750 Indian Boundary Road does not appear to be slated for demolition, when it closes for good on March 26.

But Chesterton Town Manager Bernie Doyle was unwilling to be any more definitive than that, when reporting to the Town Council at its meeting Monday night.

That’s because it’s not altogether clear who or what actually owns the building, Doyle told the Chesterton Tribune after the meeting.

The owner of record, according to the Porter County Recorder’s searchable webpage, is US Realty 87 Chesterton Associates, with an address of 3333 Beverly Road, Hoffman Estates, Ill. That, however, is also the address of the corporate headquarters of the Sears Holding Corporation, the owner of both Sears and Kmart.

But, according to the Indiana Secretary of State’s searchable webpage, US Realty 87 Chesterton Associates also has a registered address in Morristown, N.J., leading Doyle to conclude that, “at the end of the day,” the actual owner of the Kmart property is a New Jersey group which has been leasing it to Sears Holding under a “triple net lease” agreement.

Under a triple net lease, the tenant or lessee of the property is responsible for the property’s ongoing expenses, including property taxes, insurance, and maintenance.

Still, Doyle said, it’s hard to be certain because “it’s so layered.”

In any case, Doyle added, it’s his impression that the property’s owner currently intends to lease it again after Kmart is out.

The Chesterton Kmart opened in 1981, the same year in which the company’s 200th store opened. On Jan. 4, Sears Holding announced the closure of 78 Kmart stores--including the Chesterton one-- as well as 26 Sears stores around the country.

 

 

Posted 2/15/2017

 

 
 
 
 

 

 

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