Kmart Store Sells for Redevelopment

ARC Cos. of Jeffersonville, IN acquired a 90,000-square-foot former Kmart store in New Albany, IN, in the Louisville, KY metro. The new owner paid seller Floyd Realty Associates $1.3 million for the 7.5-acre site at 3525 Grant Line Rd., and plans to renovate the building, and subdivide the lot. Kmart shuttered the location last summer.

The company will also build another 4,000-square-foot building on the site. The entire renovation and addition work is expected to cost approximately $3 million. Renovations are expected to begin in spring, and will include redeveloping the building’s façade, roof replacement and new lighting and mechanical systems.

ARC Cos.’ Alan Muncy told Louisville Business First that he is currently negotiating with tenants that want 25,000 to 40,000 square feet, and is interested in big-box retail users and medical retailers.

Subscribe to Connect Daily National