The former Sears store site at Broward Mall in Plantation has been acquired by Midtown Group for $28 million. The 17.8-acre property, located on the north side of the mall, was sold by Seritage SRC Finance, the entity managing Sears’ real estate portfolio. This acquisition marks a significant step for the developer, known for transforming the Midtown Miami area.
Key Takeaways
- Midtown Group purchased the 17.8-acre former Sears site for $28 million.
- The Sears store at Broward Mall closed in 2018 after four decades of operation.
- The former Sears building has undergone partial demolition and is currently in shell condition.
- The acquisition could pave the way for a mixed-use redevelopment of the mall.
A New Chapter for a Shuttered Retail Space
The deal involves the 17.8-acre parcel where the Sears store once stood at 8000 W. Broward Blvd. The department store had been a fixture at the Broward Mall for 40 years before its closure in 2018. The building itself has since been partially demolished, leaving it in a shell condition.
Midtown Group’s Vision
Midtown Group, the developer behind the successful transformation of an old rail yard into the vibrant Midtown Miami neighborhood, is now poised to bring its expertise to this Plantation location. Their track record suggests a potential for creating a dynamic, mixed-use environment.
The Future of Broward Mall
While the former Sears site has a new owner, the 30.8-acre Broward Mall itself remains under the ownership of a lender, following a foreclosure seizure in 2022. However, other anchor tenants like Dillard’s, Macy’s, and JCPenney are owned by separate entities. The acquisition of the Sears parcel opens up possibilities for a broader redevelopment of the mall’s central Broward County location into a comprehensive mixed-use project.
Sources
- Broward Mall Sears Store Bought by Midtown Group, Connect CRE.