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Commercial Real Estate
Business Observer Friday, Sep. 21, 2018 4 years ago

Sears taps Avison Young to sell area stores, Ocala distribution center

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Retailer plans to shutter Tampa store, lease back others
by: Kevin McQuaid Commercial Real Estate Editor

Troubled department store chain Sears Holdings has retained commercial real estate brokerage firm Avison Young to sell its soon-to-be-shuttered Tampa store, together with the state’s largest distribution center and outlets in Port Richey and Daytona.

In each case — save for the Westfield Citrus Park store and auto repair store at 7902 Citrus Park Town Center Blvd., in Tampa — Sears intends to lease back the space it is selling and continue operating.

Michael Fay, an Avison Young Principal and Managing Director of the brokerage’s Miami office who is leading the sales effort for Avison Young’s Capital Markets Group, says the stores represent opportunities for new tenants. but certainly most of the stores lend themselves to a unique opportunities for new tenants. 

“Sears intends to occupy each of the assets going forward, but certainly most of the stores lend themselves to a unique opportunity for repurposing for new tenants, should that occur,” Fay says.

The Westfield Citrus Park store and Auto Center totals 133,922 square feet; the Volusia Mall store in Daytona measures 152,542 square feet; and the retailer’s U.S. Highway 19 location, in Port Richey, is 126,336 square feet.

Avison Young also has been charged with disposing of a 1.94 million-square-foot distribution center Sears has occupies since 1990 in Ocala.

The center, on 170 acres, has a 35-foot-clear ceiling height, contains specialized ESFR sprinklers, and has 150 dock doors for loading.

Fay says no specific timetable has been outlined to complete the sales, nor have details emerged on the length of leases Sears intends to sign as part of the sales process.

Michael Fay will lead Avison Young's efforts to sell various Sears assets in Tampa, Port Richey and beyond

 

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