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Washington Prime Adds JV at Polaris Fashion Place to Sears Redevelopments
Washington Prime Group said it plans to redevelop the Sears at its Polaris Fashion Place mall in the REIT’s hometown of Columbus, OH. The store, one of four Sears locations that Washington Prime acquired last year for $28.5 million, is slated to close this spring.
In its latest quarterly earnings report, Washington Prime said it had signed a letter of intent with Dublin, OH-based mixed use developer Crawford Hoying for a joint venture to redevelop the Polaris Sears. The company didn’t provide specifics on the scope of the redevelopment.
The Polaris JV is the latest in a series of projects to repurpose Sears locations at Washington Prime properties. Elsewhere in Ohio, The Roomplace and Round1 Entertainment will replace a Sears in the Mall at Fairfield Commons, near Dayton.
Last week, the company said it would soon begin demolition of a former Sears at its Grand Central Mall in Parkersburg, WV.
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