REAL ESTATE

Sears lowers the boom on more stores

BY Marianne Wilson

Bankrupt Sears Holdings Corp. is downsizing its fleet yet again.

The retailer on Thursday said that 40 locations — 29 Sears stores and 11 Kmart units — will close their doors in February 2019. Liquidation sales at the 40 stores are set to begin late next week.

The new closings are on top of the nearly 200 stores the company previously said it plans to shutter in the coming months. Combined, the closures are expected to leave Sears with fewer than about 500 store locations. The beleaguered retailer had previously estimated it has about 400 stores that could be profitable on their own if it survives bankruptcy.

Sears is still in the process of trying to formally secure the funds it needs to stay in operation until it can find a potential buyer to avoid liquidation. When the retailer filed for bankruptcy on Oct. 15, it announced it would close 142 unprofitable stores and warned more closures could follow.

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CBL cuts the ribbon on Tennessee power center

BY Al Urbanski

CBL Properties, known mostly for big regional malls, celebrated the opening of a brand new power center in Cookeville, Tenn., this week.

CBL co-developed the 228,000-sq.-ft. Shoppes at Eagle Point with Browning Development Solutions and CHM. Greeting shoppers at the grand opening ceremonies were tenants Publix, Academy Sports & Outdoor, Ross Dress for Less, PetSmart, Shoe Carnival, and ULTA Beauty along with a collection of shops and restaurants including Panera Bread and Chipotle Mexican Grille.

Also greeting shoppers were CBL president Michael Lebovitz, Jeff Browning, Mike McGuffin of CHM, and Cookeville mayor Ricky Shelton.

“With its convenient location off of I-40 and strong line-up of retail and dining options, this development has already solidified itself as a favored destination in the market,” boasted CBL’s VP of development David Neuhoff at the festivities.

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Southern California shopping center sold for $44.3 million

BY Jennifer Setteducato

Lake Elsinore Marketplace, a 144,034-sq.-ft. shopping center in Lake Elsinore, California, was sold to Irvine-based Pacific Castle for $44.3 million.

The seller, Diamond Development of San Diego, was represented by Hanley Investment Group.

The 95% occupied center is anchored by Grocery Outlet, Dollar Tree and PetSmart. Other tenants include Kirkland’s, AT&T, Chili’s Grill & Bar, The Coffee Bean & Tea Leaf, Del Taco, Dickey’s Barbecue Pit, EZ Lube, Great Clips, Navy Federal Credit Union, Panda Express, Pacific Dental, Popeyes, Wells Fargo Bank and Wendy’s.

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