FORMER K'S MERCHANDISE PROPERTY SOLD!

One of the larger retail buildings in the entire Cape Girardeau region has been sold according to Tom Kelsey, commercial broker with Lorimont Place, Ltd who handled the recent sale.  Kelsey confirmed that the 98,121 square-foot building that previously housed K’s Merchandise and property has been purchased by Cardiovascular Consultants of Cape Girardeau.  The large retail building is located on 7 acres at South Broadview and Bloomfield Road, right off of South Kingshighway.

A spokesman from Cardiovascular Consultants said they were still finalizing their plans for exactly how they were going to utilize the property.  The professional physician’s group is made of 8 doctors who presently operate from offices at #25 Doctor’s Park in Cape Girardeau.  Kelsey said, it was his understanding the group had run out of space in their present facility and needed larger quarters.

The building purchased was originally built as a Central Hardware store in 1989. When most of the whole 39 store chain closed in 1993 including the Cape Store, it was purchased and expanded by K’s Merchandise, a specialty retailer who had 17 stores at one time in the Midwest.  K’s Merchandise filed for bankruptcy protection and vacated this property in January of 2007.

Kelsey did not disclose the sales price, but the Lorimont website shows the asking price was $2.1 million.  An early July closing of the sale is planned with additional information regarding the buyers exact development plans should be forthcoming in the next few weeks.