Here is the Best Buy closure list via The CRE Review. I need to cross-reference it against some of the non-traded REITs, in particular the Inland REITs, including Retail Properties of America, and Cole REITs, which own retail real estate. It's important to remember that closing a store doesn't mean that Best Buy is going to stop paying rent. It's still obligated by its leases to keep making lease payments.
Update: On a quick overview I didn't see any of Retail Properties of America's Best Buys on the closure list.
Update Update: Did not see any Best Buy closures in Inland American's portfolio, but its website is clunky (have to search by property for each state), so I didn't check all states. I only saw one closure in the Cole portfolios, a Best Buy in Fort Meyers, FL, which is owned by Cole Credit Property Trust III.
(On a separate matter, I don't think I want to know about the 191 Church's Chicken, 42 Applebee's and 26 On The Border restaurants spread across multiple Cole REITs.)
Monday, April 16, 2012
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