The Real Deal Miami

Sterling buys Sears store at Pompano Citi Centre

A number of the retailer's former stores are being redeveloped
By Amanda Rabines | January 03, 2018 10:30AM

Pompano Citi Centre in Pompano Beach

Sterling Organization just took control of a Sears store at its Pompano Citi Centre in Broward County.

Property records show VAP Pompano Citi Centre II, an affiliate of Palm Beach-based Sterling Organization, paid $11.75 million for the 190,000-square-foot store at the mall. Sears Holding Corp. sold the Pompano Beach location, which includes two outparcel buildings. It traded hands for about $60 per square foot.

Previous sales information was not available online, but Sterling paid $15 million for the 60-acre open-air shopping mall in 2012, records show. Anchor tenants include JCPenney, Ross Dress for Less, Big Lots and Office Depot.

Last year, Sears sold 235 Sears and Kmart stores to Seritage Growth Properties. Some of those included big box retail space at Aventura Mall and at Broward Mall in Plantation. Both are being redeveloped into retail, restaurant or entertainment.

In November, Sears announced it would be shuttering an additional 45 Kmart and 18 Sears locations.

Pompano Citi Centre was built in 1970 as Pompano Fashion Square and redeveloped in 2006.