Phoenix-based U-Haul International Inc. has inked a $62 million deal for more than a dozen recently shuttered Kmart and Sears stores, according to a report by SpareFoot, which tracks the self storage industry sector.
Amerco Real Estate Co., a U-Haul subsidiary, purchased the real estate from troubled retailer Sears Holdings Corp., which is in the midst of closing locations nationwide. Sears plans to sell off 500 stores in total once its bankruptcy plans are finalized and approved.
U-Haul scooped up 13 properties from Sears scattered across a number of states including Alaska, New Mexico, Illinois, Pennsylvania and California. None of the properties are in Arizona. Plans call for converting the acquired properties into self storage and moving facilities where customers can rent trucks, purchase supplies and store belongings, per SpareFoot, which is headquartered in Austin, Texas. U-Haul is a subsidiary of Amerco (Nasdaq: UHAL).
The following is a full list of the stores being purchased by U-Haul, pending bankruptcy court approval:
In October, Sears filed for bankruptcy and shared plans to close hundreds of stores, including six in Arizona. Three of those are in the Valley at Chandler Fashion Center, Superstitions Springs Center in Mesa and at Metrocenter in Phoenix. The retailer also owns once-mighty discount chain Kmart.