A vacant 200,000-square-foot Sears retailer within the Chicago suburb of Orland Park is hitting the market after sitting empty.
Seritage Progress has employed CBRE to promote the previous Sears retailer within the Orland Sq. Mall, certainly one of 100 closed in 2018, Crain’s reported. Seritage has been making an attempt to refill Sears tales, together with the Orland Park one, with a number of retailers. The previous retailer within the North Riverside Park Mall is leased to 4 completely different companies: a Spherical One bowling alley, Aldi, Blink Health and Amita Well being.
The final Sears in the state of Illinois, within the Woodfield Mall in Schaumburg, closed in September. Half of that area is now being thought-about for a cope with trend retailer Primark.
Some mall house owners and builders are reworking their empty areas into residential use as discovering retailers turns into troublesome throughout the pandemic, Dallas-based Centennial Actual Property is constructing 300-unit residence complexes on the websites of former Sears shops in Vernon Hills’ Hawthorn Mall and Aurora’s Fox Valley Mall.
One other former Sears in Six Corners is about to be redeveloped right into a $90 million six-story residential improvement.
Together with the parking zone exterior, the Orland Park retailer measures greater than 16 acres, permitting for a number of redevelopment choices. Seritage had reached a cope with AMC to construct a 10-screen, 45,000-square-foot theater as half of a bigger redevelopment plan, however plans fell by means of final 12 months.
The corporate owns a number of different native properties, together with a former Sears in Lombard that’s now leased to furnishings retailer The Dump and one other in Joliet that’s being thought-about for a residential improvement.
Whereas Seritage owns the previous Sears retailer, Indianapolis-based Simon Property Group owns the Orland Sq. Mall.
[CCB] — Victoria Pruitt