Crosland Southeast acquires Blockbuster portfolio valued at $27+ million
Charlotte, N.C. -- Regional shopping center company Crosland Southeast has acquired 24 former Blockbuster stores from Blockbuster Corporate, spanning North and South Carolina, Louisiana, Tennessee and Florida. Blockbuster vacated all stores at closing, and Crosland Southeast has already sold 11 of the 24.
“We are excited to obtain such a desirable portfolio of real estate,” said Tim Sittema, partner of Crosland Southeast. 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. 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.