Sears Seeking Values on its Real Estate

Hoffman Estates, Ill.-based Sears Holdings Corp. is gauging the value of its stores as it weighs the $4.6 billion offer from its Chairman Eddie Lampert to buy the brand and keep its stores open.

The department store has hired real estate firm Jones Lang LaSalle to evaluate its portfolio of 500 U.S. stores to garner market value amounts, reports the Chicago Tribune. According to sources familiar with the matter, there is high interest in its properties from retailers and mall owners in major markets, with some interested parties who are looking to use them for non-retail applications.

Depending on the values obtained by the real estate firm, Lambert’s offer might be a difficult one to accept if the company learns its properties are worth more than the prospect of accepting a buyout and remaining in business. Retailers like Burlington, At Home Group, Dick’s Sporting Goods and U-Haul have all expressed interest in Sears properties thus far.