Tue., November 10, 2009 3:34pm (EST)

Home Depot to Sell Excess Parking Spaces
By Valarie Edwards
Updated: 5 years ago

(Image by homedepot.com)
(Image by homedepot.com)
The AJC reports that Atlanta-based Home Depot will try to sell some its excess parking spaces at vacant stores nationwide.

Home Depot owns 2,274 stores in North America, Mexico and Puerto Rico. It's land assets are valued at $8.3 billion. In 2008, the company closed more than a dozen of its popular flag-named stores, along with 50 of its Expo decorating stores. Construction was halted on 50 additional stores.

Those closings left Home Depot with plenty of unusued parking spaces the company hopes to sell to smaller stores like McDonalds. The company is also marketing the excess blacktop to pet food companies and auto parts outlets, according to the AJC. Space at more than two dozen of Georgia's 90 Home Depot stores is up for grabs.

One analyst estimated the vacant lots could bring as much as $500,000 per acre.