Cardiovascular Consultants to purchase K's Merchandise building

Vacant since the company closed its doors early last year, the former K's Merchandise building is one step closer to having a new tenant.

Cardiovascular Consultants of Cape Girardeau is expected to finalize in July its purchase of the 98,121-square-foot building, the largest structure in the region for sale on the commercial market. The medical business, made up of eight physicians, has outgrown its present location at 25 Doctor's Park and will occupy the seven-acre property.

Details on what Cardiovascular Consultants plans to do with the property have not been finalized.

The sale price was listed at $2.1 million on the Web site of Lorimont Place Ltd., which is the exclusive listing broker for the transaction.

"Anytime you get into a multimillion dollar deal in our market, it's a big deal," said Tom Kelsey, president of Lorimont Place, who confirmed the sale. "The redevelopment aspect of it is also important in a town of our size."

The structure was originally built as a Central Hardware store, which opened in March 1989. In May 1993 the chain announced it was closing a dozen of its 39 stores, including the Cape Girardeau location.

K's Merchandise executives held a ribbon-cutting ceremony Oct. 14, 1996, to celebrate the store's grand opening. The store sold such goods as jewelry, household appliances, cookware, lawn and garden furniture and electronics.

But that success was short-lived.

The company experienced problems competing in many categories and with many players — national big-box operators, specialty stores and online shopping. On Oct. 5, 2006, company executives announced they were closing all 17 of their stores, citing financial problems. The company's final month of business was in January 2007, leaving the building empty.

bblackwell@semissourian.com

335-6611, extension 137