Opportunity Knocks as Sears Exits Inland Center Space

Sears has vacated its anchor space at Inland Center Mall in San Bernardino, CA.

The closure was part of Sears plans announced late last year when the venerable-yet- struggling retailer announced it would be reducing the count of its Sears and Kmart store locations to 182.

However, building owner and NY-based Seritage Growth Properties was formed five years ago specifically to assume ownership and repurpose or redevelop similar Sears properties across the nation.

Seritage has yet to announce plans for the 200,000-square-foot building. Since launching, the company’s vision has been to repurpose and re-tenant these spaces. According to market sources, new leases at Seritage properties have come in at an average of four times the former rents.

Arun Parmar, senior property manager for the greater mall owner Macerich, told the San Bernardino Sun that it likely will take a few weeks for Sears to completely clear out the location. Stay tuned.

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