Jul
16

Crosland Southeast to Buy 24 Blockbuster Stores

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Retail development firm Crosland Southeast purchased a portfolio of 24 Blockbuster stores last month and is keeping 13 of the properties, most of which are in the Carolinas.

Crosland Southeast teamed with Colorado-based Legend Retail Group on the acquisition of the vacant company-owned stores, all of which were in the Southeast. DISH Network Corp. acquired the assets of Blockbuster out of bankruptcy in 2011 for $228 million and has been shuttering the video rental chain’s stores ever since.

Crosland Southeast and Legend Retail went under contract in February, with Crosland as the majority partner. By the time the deal closed in June, Crosland Southeast had lined up buyers for 11 of the stores that it deemed “non-core” because they were in states such as Tennessee and Florida and outside of the firm’s traditional footprint. Between February and June, the firm was able to pre-lease 11 of the 13 remaining stores to medical and retail tenants such as urgent-care facilities, fast-casual restaurants and mattress and cellphone retailers. All but one of the stores are in the Carolinas.

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