A partnership has paid $28.75 million for a former Sears in Northeast Philadelphia and has plans to invest another $24 million to redevelop the vacant department store.
Sears Holdings Corp. closed the store in April 2018 as part of a move to shutter 100 stores nationwide. The transaction was initiated six months before the onset of the Covid-19 pandemic and managed to cross the finish line with tenants and financing in place — something unusual these days for a retail development.
The redevelopment project is 98% pre-leased and no one is divulging the name of the 60,000-square-foot anchor tenant.
JKRP Architects designed the project.
A Starbucks and Jollibee, which is a fast-food chain from the Philippines that has fried chicken as its main offering, will occupy two separate outparcels. This will be the first Jollibee in the Philadelphia area.
The partnership was attracted to the property for a variety of reasons. The sheer size of the site, totaling a city block, was part of it. It also fronts three major streets, making it appealing for retailers wanting visibility and signage opportunities.
They anticipate starting construction in the next few weeks and having most of the redevelopment completed by next November.
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