Seritage Growth Properties spun off another South Florida Sears site, selling a closed store in Hialeah to Codina Partners.
Codina, led by the father-and-daughter team of Armando Codina and Ana-Marie Codina Barlick, paid $16.5 million for the 153,596-square-foot hypermarket at 1625 West 49th Street, according to sources familiar with the off-market deal.
The building is attached to Westland Mall, an indoor shopping center owned by Centennial in Dallas.The deal also includes an outsourcing that was previously sears Auto center and adjoining parking lot.
In 2020, Silk Records show the closure of the department store and auto center, both completed in 1980 on 15 acres.
codeine The company is working with Centennial, James Carr and Manny Kadre to redevelop the Sears site into a mixed-use project with an apartment component, according to a release.
We are still very early in the planning stages, but would be happy to offer primarily residential and additional retail subject to Centennial approval,” Armando Codina said in a statement. “Commercial is also a possibility. The goal of this project is to be as transformative for Hialeah as Downtown Doral was for the City of Doral. “
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Downtown Doral is Codina’s master-planned mixed-use community at Doral that includes condominiums, retail, and restaurants.
Centennial, led by Steven Levin, acquired Westland Mall from Barry Sternlicht’s Starwood Capital Group last year. $149.4 million mortgage.
The mall’s anchor tenants are Macy’s and JCPenney, but both buildings are owned by other entities. Retailers at Westland Shopping Center include Bath & Body Works, Pandora and Express Factory Outlet.
Seritage, the New York-based Sears real estate spin-off led by CEO Andrea Olshan, has been selling properties for the past year. It’s part of a strategy to repay a $640 million mortgage owed to Warren Buffett’s Berkshire Hathaway.
Last year, Seritage took the $34 million. Also last year, Seritage sold the Aldi retail plaza in the North Miami neighborhood $38 million to RK Center at Raanan Katz.
Seritage is also completing construction Aventura Plazaan office and retail project on the site of a former Sears store in the Aventura Mall, according to the company’s first-quarter earnings report.
