SEARS DISPOSITIONS IN OHIO

Assignment: Dispositions of non-core TransformCo real estate

  • Challenge:
     Challenges included bankruptcy proceedings, satisfying appraisal pricing, and the coronavirus pandemic.
  • Solution:
     Edge worked directly with seller’s President and VP of Real Estate and asset management to 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 desired timelines.
    Generated 40+ offers on one or multiple properties in the portfolio.
  • Conclusion:
     Edge Real Estate Group’s marketing prowess and diligent follow-up led to maximizing offers and pricing. Edge kept its focus on serving the clients’ goals of maximized value and surety of close, by identifying highest and best uses and most logical buyers for each asset, and overcoming market challenges and objections.

Eastland Mall, Columbus, OH
185,568 SF on 16.281 Acres /  Former Sears building and Sears Auto Center building, anchor to Mall located along I-270 at Refugee Road retail corridor.

Great Northern Mall, North Olmsted, OH
179,624 SF on 16.216 Acres / Former Sears building, anchor to Mall located along I-480.

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 with easy access to I-70. Sold during bankruptcy.

SouthPark Mall, Strongsville, OH
167,400 SF on 15.8 Acres / Former Sears building, anchor to Mall, strong retail corridor, convenient access to Cleveland.

Tri-County Mall, Springdale, OH
286,700 SF on 16.3 Acres / Former Sears Store and Sears Auto Center with convenient access to Interstates 75 and 275. Negotiated assignment of ground lease.

 

Starbucks center – Redeveloped Sears Auto Center

4975 Tuttle Crossing Boulevard, Dublin, OH 43016
  • Challenge:
    Sears Auto Center re-developed in 2018, just prior to Sears filing bankruptcy.
    New owner of Sears desired to sell the property, but had limited financial records, faced rent collection issues during covid, and had one remaining shell space vacant.
  • Solution:
    Edge Real Estate Group marketed the property to a large and diverse set of buyers.
    Edge worked directly with seller’s President and VP of Real Estate and asset management to vet multiple offers and compile due diligence documents into a presentable format.
    Property sold to an out-of-state buyer on a limited due diligence timeline.
  • Conclusion:
    Edge Real Estate Group’s marketing prowess and diligent follow-up led to successful disposition of the asset.