K's property hits the market

K's Merchandise hasn't even closed yet, but the real-estate company charged with selling the building at 371 S. Broadview St. is already sending out feelers.

After 10 years here, K's Merchandise will close soon, probably after the beginning of the year when the bulk of the merchandise is sold. But speculation has already started on what could go into the 87,000-square-foot building and what it will sell for.

"I think there will be interest in that building," said John Mehner, president and CEO of the Cape Girardeau Chamber of Commerce. "It's in a good spot, it's good-sized and you'd think somebody would want it."

K's Merchandise properties in Illinois, Iowa, Indiana and Missouri will all be available for purchase after the merchandise liquidates. Property listing and sales are being conducted by New York-based DJM Realty, a division of Boston-based Gordon Brothers Group.

Gordon Brothers Group, no doubt, is trying to recoup some of its investment. The company made a cash infusion to try to resuscitate the financially strapped business.

"The K's properties offer the size and flexibility to meet the needs of a variety of potential buyers," said Emilio Amendola, co-president of DJM Realty. "We're already receiving interest from big-box stores and developers looking to serve the interest of multiple tenants within and outside of the retail industry."

Tom Kelsey, a commercial broker with Lorimont Place, said there has been interest from commercial brokers wanting to sell the property.

"When there's a commercial piece of property that size, we all scramble to see what the deal is," Kelsey said.

Kelsey, who has contacted DJM about possibly brokering the deal, said his the company plans to field some inquiries on its own. If the property sits on the market for long, the company will use a commercial broker.

Kelsey said the property is versatile.

"It's not in what we call the retail Mecca of Siemers Drive," he said. "But it would take another big-box user. But it could be made into a multitenant building, too."

The company hasn't quoted a price, but Kelsey said he understands the price to be around $2 million.

* Working title: Lender's Title and Escrow has opened in Cape Girardeau at 125 S. Broadview St. The title company, originally formed in 1983, has 43 offices across the Midwest, including one in Chesterfield.

"We were already getting some work down there, so we decided to open an office," said Chesterfield, Mo., branch manager Roberta Schwanter. "You guys are booming down there."

I suppose we'll take that as a compliment.

* Pet boutique opens in Jackson: Need a cute little T-shirt for your puppy? Maybe the only thing your Chihuahua is missing are cute little hair clip. You may want to stop by Marie Kirn's new pet boutique, Pet Point, in Jackson, which opened recently.

A ribbon-cutting ceremony is scheduled for Wednesday at 11 a.m. at the store, 507 E. Jackson Blvd. The store carries some horse supplies, such as halters, reigns, head stalls and some tack.

But the store is mainly for dogs, including natural and low-calorie food products and clothing accessories for humans and animals.

"It's kind of different," said Kirn, who has worked at a veterinarian's office since 1991 and was with the Cape Girardeau County Humane Society before that.

* Good hands: An All-State Insurance Co. branch is slated to open Dec. 4 at Cape La Croix Village, close to the former site of My Daddy's Cheesecake. The owner/agent is Vernon Heid. Heid most recently was a salesman at Wieser Honda and before that at Cape Toyota.

"I wanted a vehicle that could produce the kind of income I was making in car business, but be self employed and insurance seemed like the way to go," Heid. All State offers a full line of home, auto, disability and life insurance.

* New hair salon: Joyce Tummins has opened Shear Designs Hair Salon and Boutique at 2731 Chrysler in Cape Girardeau. Tummins tells me she specializes in cuts, color, perms, ethnic hair relaxing, hair straightening and waxing.

The salon, in her home, also has a gift boutique, selling jewelry, home-made candles and soaps and professional hair products.

Tummins graduated from Southeast Missouri State University before attending Stage One Hair School and earning 25 college semester hours in medical technology.

Scott Moyers is the business editor of the Southeast Missourian. Send your comments, business news, information or questions to "Biz Buzz," 301 Broadway, Cape Girardeau, Mo., 63702-0699, or e-mail them to smoyers@semissourian.com or call (573) 335-6611, extension 137.