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| May 21, 2003 |
Blue Light Special
Rentv.com |
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The Home Depot beat out rival Lowe's Home Improvement as well as Wal-Mart to take over an abandoned Super Kmart site in East Oakland. The Atlanta-based retail chain bought the 17.8-acre site at 4000 Alameda Ave, just off I-880, for an undisclosed price.
The company plans to use about 140k sf of the existing 180k sf building for a standard Home Depot store and either lease the remaining space to other retailers or use it for one of its own concept stores such as EXPO Design Center or Apex Supply Co.
A Home Depot representative told the East Bay Business Journal the retailer has been seeking an Oakland location for some time without success. Kmart's decision to close its Oakland outlet as part of its effort to emerge from Chapter 11 provided the opportunity it needed, she said.
The sale was handled by Kimco Realty Corp of New Hyde Park, NY, which has the marketing assignment for 317 properties being given up in Kmart's restructuring. Kimco worked with Solomon Ets-Hokin of Terranomics in San Francisco to market the site.
According to Ets-Hokin, Kimco attempted to persuade the owner of an adjoining 27-acre bottle plant to sell that site as well in order to attract developers interested in building a big-box retail center. The owner, however, would not sell.
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