Location
Nationwide

Program
The bankruptcy of Payless Cashways, a nationwide home improvement retailer, presented a variety of real estate opportunities and challenges. More than 160 properties were marketed by Surplus Real Estate, which had previously performed as the outsource real estate department for the corporation.

The scope of the fee-owned and leased properties covered 18 states nationwide, with buildings ranging from 25,000–75,000 square feet, on total land areas ranging from 2–18 acres.

The partnership with Payless was a natural fit, and the results of the relationship exceeded industry standards:

• Over $240,000,000 of real property dispositions
• Over 6,000,000 SF
• Achieved 94% of appraised value
• Average sale price of $1,790,000 per property