Sears at Aventura Mall to shutter, be redeveloped into mixed-use project

Miami /
Apr.April 06, 2017 06:00 PM

The Sears at Aventura Mall will close this summer and the site will be developed into a mixed-use project. 

Sears, at 19505 Biscayne Boulevard, will begin its liquidation sale at the end of April and close by mid-July, the South Florida Business Journal reported. The landlord, Seritage Growth Properties, will break ground on Esplanade at Aventura, with 215,000 square feet of retail, restaurant and entertainment space, later this year. Aventura approved the site plan in December.

Seritage purchased 235 Sears and Kmart stores from Sears Holdings Corp. earlier this year. Under terms of the sale, Seritage recaptured the property, which allows the real estate investment trust to develop the site. It has 224 properties leased to Sears Holdings operating under Sears or the Kmart brand.

In November, the REIT settled a lawsuit that it filed against the owners of Aventura Mall to stop the shopping center’s expansion plans, which are underway.

The mall, owned by Turnberry Associates and Simon Property Group, plans to open a new three-level wing in November with Topshop Topman and Zara, all part of Aventura Mall’s 315,000-square-foot expansion. [SFBJ] – Katherine Kallergis


Related Articles

arrow_forward_ios
Akoya and Oceana Bal Harbour (Google Maps)
Miami-Dade’s condo sales show a summer slump
Miami-Dade’s condo sales show a summer slump
Developer Jeffrey Soffer and the JW Turnberry resort at 19999 West Country Club Drive in Aventura (Getty, TripAdvisor)
Jeffrey Soffer’s Turnberry Isle resort scores $412M refi from Bank of China
Jeffrey Soffer’s Turnberry Isle resort scores $412M refi from Bank of China
17141 Collins Ave, Sunny Isle
Muse Residences in Sunny Isles Beach tops weekly condo sales
Muse Residences in Sunny Isles Beach tops weekly condo sales
Prive at 5000 Island Estates Drive in Aventura (Condo.com, getty)
Privé in Aventura closing tops Miami-Dade’s weekly condo sales
Privé in Aventura closing tops Miami-Dade’s weekly condo sales
Related Group’s Jorge Pérez and Jon Paul Pérez with 2999 Northeast 191th Street (Related, Google Maps)
Related, partner pay $51M for Aventura mixed-use dev site
Related, partner pay $51M for Aventura mixed-use dev site
Seritage Growth Properties' Andrea Olshan with Esplanade at Aventura at 19505 Biscayne Boulevard (Loopnet, Getty)
After overcoming construction delays, Esplanade at Aventura could fetch $200M, brokers say
After overcoming construction delays, Esplanade at Aventura could fetch $200M, brokers say
From top left to bottom right: Eighty Seven Park, Oceana Key Biscayne, Jade Signature, Porsche Design Tower (Condo)
Summer slowdown: Here are Miami-Dade’s top condo sales in June
Summer slowdown: Here are Miami-Dade’s top condo sales in June
788 Northeast 23rd Street (Condo.com, iStock)
Elysee closing tops Miami-Dade’s weekly condo sales
Elysee closing tops Miami-Dade’s weekly condo sales
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...