Kansas-based loan service company buys Kmart building

Posted: Sunday, March 14, 2004

Kansas-based Midland Loan Services has bought the former Kmart building from Verizon Capital Corp., Juneau City Manager Rod Swope said.

The Kmart store closed in April 2003. The building's interior was damaged this winter when frozen water lines broke.

Mike Wadhams, a senior asset manager with Midland, has pledged to have the graffiti on the building and the abandoned cars in the lot removed, Swope said.

"He said they would be taken care of immediately," Swope said. "Immediately to me means within the next week or two."

Swope learned on March 4 that New York City-based Verizon had told AEL&P to shut off the electricity to the Kmart building that day. He called the former and the new owners to warn them that heat should remain on in the building because of Juneau's weather.

Wadhams, who did not return repeated calls from the Empire, told Swope his company plans to be a good citizen, Swope said.

Wadhams also told Swope the building is well-located and there is some interest in using the property, Swope said.

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