WATERTOWN — Now that the holidays are over, the Canadian company that purchased the old Kmart store will start to market the property.
Watertown Pioneer LLC, a Delaware limited liability company at 33 Fallbrook, Hampstead, Quebec, purchased the property in Hannaford Plaza for $500,000 in September.
Jason Farber, whose family owns Watertown Pioneer LLC, said Tuesday that the company plans to redevelop the 112,434 square feet of retail space for potential tenants.
Pavia Real Estate Services, New Hartford, is advertising the Kmart property for the new owner to various commercial enterprises for either sale or lease, starting with big-box stores.
“We have nothing of significance to report,” he said.
The company purchased the former Kmart store from Lexington Tramk Watertown LLC, a Delaware limited liability company that acted on behalf of the Lexington Realty Trust in New York City.
The extent of redeveloping the building would depend on the tenant’s need, Mr. Farber said.
His family owns multiple properties both in Canada and in the United States under individual company names. He declined further comment.
Parent company Sears Holdings closed the Watertown Kmart, which is 112,434 square feet, in September of 2017, along with other stores in Malone, Liverpool and Cortland.
Kmart first opened in Watertown in 1977 on outer Washington Street, then relocated to the Arsenal Street plaza in 1993.
Friedman Real Estate, Farmington Hills, Mich., held an auction for the former Kmart property on behalf of the owner on Sept. 25. Mr. Agen said the property was sold at auction.
“It’ll be nice to see some life in there again,” Mr. Agen said. “It’s really in good shape. Clean as a whistle.”