Put this on your real estate watch list: A rumor that the Sears store at 600 S. University, which is to close in July, may be succeeded by an outlet of Costco, the warehouse retail chain.
I only know this much: Jeff Yates, a Little Rock real estate man who represents Little Rock Medical Associates, owner of the Sears parcel, said the New York investment group that owns this and several adjacent buildings, has been looking at options for the property. No deal to announce.
I’ve reported before that Costco has scouted Little Rock for sites for some time, including one at the northwest corner of Highway 10 and Interstate 430. That didn’t work out because of resistance from owners of the residential property.
The Sears property would present no such obstacle. It’s already a retail site, it’s at a freeway exit and it’s close to the Park Avenue, Park Plaza and Midtowne shopping centers — a major retail hub, apart from whatever problems Sears might have had.
Costco needs lots of parking and a price that its thin margins can justify.