Buyers want well-located assets occupied by a solid tenant with a long-term lease in place, but limited opportunities are available for that type of trade.
Last month, Warby Parker opened a store in a former GameStop next to a Chick-fil-A in Raleigh, North Carolina. In April, the eyewear brand debuted in Alabama.
If Sears liquidates, it would flood the market with about 100 million sq. ft. of vacant retail space, serving as a damaging tipping point for weaker malls.
Sears’ creditors will argue in court whether Lampert stripped assets from a failing business and if the money transferred out of their reach prior to bankruptcy can be recovered.