Management at Southlake Mall did not immediately respond to a request for comment on the matter.
Part of the problem is that the mall doesn’t actually own the department stores.
Los Angeles-based commercial real estate company Crexi has listed the former 216,982-square-foot Sears department store for sale since last September. The realtor describes the two-story building at 2300 Southlake Mall as a “tremendous redevelopment opportunity for an upgraded 17.5-acre site with a 217,000-square-foot former Sears.”
“The property is attached to the Southlake Mall in Merrillville, Indiana – a regional attraction serving consumers in northern Indiana and eastern Illinois,” the company said in its ad, which touted “vast redevelopment options”.
The old Sears has been listed for over a year.
Dallas-based CBRE has listed Carson’s store in Southlake Mall, as well as other former Carson’s department stores in North Riverside, Bloomingdale and Matteson. It offers the properties individually or as a portfolio totaling 635,500 square feet of retail space.
“The portfolio is offered as a leveraged investment without cash flow, with attractively priced non-recourse loans maturing in January 2024,” CBRE said in the listing. The properties have absolute triple net bond leases without owner’s liability which expire in January 2024. Carson Pirie Scott is a wholly owned subsidiary of Bon-Ton Stores, Inc. The leases are guaranteed by Saks Holdings, Inc. until leases end in January 2024. Properties are ideal for an investor with an immediate swap requirement of 1031, with the potential to create significant value or cash flow when the leases expire in 2024. Properties can be purchased with the assumption of existing debt, or in cash. “