Crosland Southeast acquired 24 former Blockbuster stores from Blockbuster Corporate in June 2013, which represented the remainder of Blockbuster’s company owned stores in North Carolina, South Carolina, Louisiana, Tennessee and Florida. The deal valued at over $27 Million, led by Tim Sittema, all came together within 120 days. Blockbuster vacated all stores at closing and Crosland Southeast sold 11 of the stores to other buyers. They retained 13 stores for their portfolio and pre-leased to other retail and medical tenants such as:
Crosland Southeast partner Austin Williams, senior vice president Brad McGinnis and Chris Taft from the Raleigh office led the brokerage and leasing efforts on eleven locations in the Raleigh market and eastern North Carolina. Three of the locations are in the Charlotte, NC market.
Blockbuster filed for Chapter 11 bankruptcy protection in 2010 and was sold to satellite TV service provider DISH Network. This deal with Crosland Southeast represented essentially all of their stores owned by DISH Network and was a joint venture with Legend Retail Group of Denver, Co. The total cost for acquisitions plus improvements on all of the properties exceeded $27 Million.
Nearly all of the 13 stores retained in Crosland Southeast’s portfolio are pre-leased to other retail and medical tenants.