Simon Property Group paid $23 million for the former Sears building at the Town Center at Boca Raton mall. Seritage, the group selling all of the former Sears properties, sold the 180,029-square-foot department store shell. The store had been shuttered since 2018.
The South Florida Business Journal reports that Sears was built on the 18.6-acre site on the west side of the mall in 1980. While it remains empty, the mall continues to be a going concern.
The Town Center at Boca Raton is about 1.77 million square feet. Macy’s, Neiman Marcus, Saks Fifth Avenue, and Bloomingdale’s all have locations there.
This transaction follows a recent deal in which Simon Property Group bought out the ground lease of JCPenney at the Dadeland Mall.
Seritage has sold nearly all of its properties in South Florida, following the sale of the former Sears at the Miami International Mall and the former Sears at the Broward Mall in 2024.
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