SEARS DISPOSITIONS IN OHIO
Assignment: Dispositions of non-core TransformCo real estate
Edge worked directly with seller’s President and VP of Real Estate, as well as its asset management team, to market several assets; obtain and vet offers; navigate COREA’s, zoning, and other re-development restrictions; and identify which prospective buyers could achieve required pricing while closing within seller’s desired timelines. Edge generated 40+ offers on one or multiple properties in the portfolio, satisfying or exceeding appraisal pricing. Edge ultimately transacted over $20 million in assets in less than 15 months.
Re-developed Sears Auto Center at Tuttle Mall, Columbus, OH
10,093 SF on 1.68 Acres / Former Sears Auto Center re-developed in 2018, just prior to Sears filing bankruptcy. Edge obtained multiple offers despite the seller having limited financial records and rent collection issues during covid, by highlighting the strong co-tenancy and potential upside of leasing a remaining vacant shell space. The property sold to an out-of-state buyer on a limited due diligence timeline.
Salem Avenue, Trotwood, OH
125,184 SF on 15.8 Acres / Former Sears freestanding building located in the heart of the Salem Avenue retail corridor. Sold via bankruptcy proceedings.
tri-county mall, springdale, oh
286,700 SF on 16.3 Acres / Former Sears Store and Sears Auto Center. Edge successfully negotiated the assignment of the existing ground lease, exceeding ownership’s pricing expectations.
Great Northern Mall, Olmsted, OH
179,624 SF on 16.216 Acres / Former Sears building, anchor to Great Northern Mall. Edge achieved multiple offers by highlighting the superior location and underlying land value.
SouthPark Mall, Strongsville, OH
167,400 SF on 15.8 Acres / Former Sears building, anchor to SouthPark Mall. Edge brokered the sale to the out-of-state mall owner, exceeding ownership’s pricing expectations.
Eastland Mall, Columbus, OH
185,568 SF on 16.281 Acres / Former Sears building and Sears Auto Center building, anchor to Eastland Mall. Edge obtained multiple offers in order to maximize sale price.